Deutsche Annington Immobilien SE (Incorporated in Germany As a European Company (Societas Europaea)) As Guarantor EUR 8,000,000,000 Debt Issuance Programme

Base Prospectus 12 March 2015

This document constitutes the base prospectus of Deutsche Annington Finance B.V. in respect of non-equity securities within the meaning of Art. 22 para 6 no. 4 of the Commission Regulation (EC) No. 809/2004 of 29 April 2004, as amended, ("Non- Equity Securities") for the purpose of Article 5.4 of the Directive 2003/71/EC (the "Prospectus Directive"), as amended (the "Base Prospectus" or the "Prospectus").

Deutsche Annington Finance B.V. (incorporated in The Netherlands as a private company with limited liability) as Issuer and Deutsche Annington Immobilien SE (incorporated in Germany as a European Company (Societas Europaea)) as Guarantor EUR 8,000,000,000 Debt Issuance Programme

The Base Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF") which is the Luxembourg competent authority for the purposes of the approval of the Base Prospectus under the Luxembourg law on prospectuses for securities (loi relative aux prospectus pour valeurs mobilières) dated 10 July 2005 (the "Luxembourg Prospectus Law") implementing Prospectus Directive into Luxembourg law. The Issuer has requested the CSSF to provide the competent authorities in the Federal Republic of Germany ("Germany"), the Republic of Austria ("Austria") and The Netherlands with a certificate of approval attesting that this Base Prospectus has been drawn up in accordance with the Luxembourg Prospectus Law. The Issuer may request the CSSF to provide competent authorities in additional host member states within the European Economic Area with such notification. By approving a prospectus, the CSSF shall give no undertaking as to the economic and financial soundness of the operation or the quality or the solvency of the Issuer or Guarantor pursuant to Article 7(7) of the Luxembourg Law. This Base Prospectus will be published in electronic form together with all documents incorporated by reference therein on the website of the Luxembourg Stock Exchange (www.bourse.lu). The Base Prospectus will be valid for a period of 12 months after its approval. Application has been made to the Luxembourg Stock Exchange for debt instruments to be issued under the EUR 8,000,000,000 debt issuance programme of the Issuer (the "Programme") and described in this Base Prospectus (the "Notes") up to the expiry of 12 months after the date of approval of this Base Prospectus to be listed on the official list of the Luxembourg Stock Exchange (the "Official List") and to be admitted to trading on the Luxembourg Stock Exchange's regulated market (the "Regulated Market of the Luxembourg Stock Exchange"), which is a regulated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments. Notes issued under the Programme may also be listed and traded on an alternative stock exchange or may not be listed at all. The maximum aggregate principal amount of Notes outstanding under the Programme will not exceed EUR 8,000,000,000. The payments of all amounts due in respect of Notes issued by the Issuer will be unconditionally and irrevocably guaranteed by the Guarantor. Arranger J.P. Morgan Dealers Barclays Commerzbank Credit Suisse J.P. Morgan Morgan Stanley Société Générale Corporate & Investment Banking UniCredit Bank NOTICE

This Prospectus should be read and construed with any supplement thereto and with any other documents incorporated by reference and, in relation to any Series (as defined herein) of Notes, should be read and construed together with the relevant Final Terms (as defined herein).

Each of the Issuer and the Guarantor has confirmed to the Dealers (as defined herein) that this Prospectus is true and accurate in all material respects and is not misleading; that any opinions and intentions expressed herein are honestly held and based on reasonable assumptions; that there are no other facts with respect to the Issuer and the Guarantor, the omission of which would make this Prospectus as a whole or any statement herein or opinions or intentions expressed herein misleading in any material respect; and that all reasonable enquiries have been made to verify the foregoing.

Each of the Issuer and the Guarantor has undertaken with the Dealers to prepare a supplement to this Prospectus or a new prospectus in the event that any significant new factor, material mistake or inaccuracy relating to the information included in this Prospectus, which is capable of affecting the assessment of the Notes, arises or is noted after the date of this Prospectus.

No person has been authorised by the Issuer or the Guarantor to give any information or to make any representation not contained in or not consistent with this Prospectus or any other document entered into in relation to the Programme or any information supplied by any Issuer or the Guarantor or such other information as is in the public domain and, if given or made, such information or representation should not be relied upon as having been authorised by the Issuer, the Guarantor, the Dealers or any individual Dealer.

No representation or warranty is made or implied by the Dealers or any of their respective affiliates, and neither the Dealers nor any of their respective affiliates make any representation or warranty or accept any responsibility, as to the accuracy or completeness of the information contained in this Prospectus.

This Prospectus and any supplement hereto as well as any Final Terms reflect the status as of their respective dates of issue. Neither the delivery of this Prospectus nor the offering, sale or delivery of any Note shall, in any circumstances, create any implication that the information contained in this Prospectus is true subsequent to the date upon which this Prospectus has been published or most recently amended or supplemented or that there has been no adverse change in the financial position of the Issuer since the date hereof or, as the case may be, the date upon which this Prospectus has been most recently supplemented or the balance sheet date of the most recent financial statements which are deemed to be incorporated into this Prospectus by reference or that any other information supplied in connection with the Programme is correct at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same.

This document may only be communicated or caused to be communicated in circumstances in which Section 21(1) of the Financial Services and Markets Act 2000 ("FSMA") does not apply.

The Notes and the Guarantees have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered, sold or delivered in the United States or to or for the account or benefit of U.S. persons except pursuant to an exemption from such registration. The Notes will include Notes in bearer form that are subject to U.S. tax law requirements. See "Subscription and Sale — Selling Restrictions".

The distribution of this Prospectus and the respective Final Terms as well as the offering, sale, and delivery of the Notes in certain jurisdictions may be restricted by law.

Persons into whose possession this Prospectus or any Final Terms come are required by the Issuer and the Dealers to inform themselves about and to observe any such restrictions. For a description of certain restrictions on offers, sales and deliveries of Notes and on the distribution of this Prospectus or any Final Terms and other offering material relating to the Notes, see "Subscription and Sale — Selling Restrictions".

A19357863 2

Neither this Prospectus nor any supplement(s) thereto nor any Final Terms may be used for the purpose of an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation.

Neither this Prospectus nor any supplement(s) thereto nor the Final Terms constitute an offer or an invitation to subscribe for or purchase any Notes and should not be considered as a recommendation by the Issuer, the Guarantor or any Dealer that any recipient of this Prospectus or any Final Terms should subscribe for or purchase any Notes. Each recipient of this Prospectus or the Final Terms shall be taken to have made its own investigation and appraisal of the condition (financial or otherwise) of the Issuer and the Guarantor.

IN CONNECTION WITH THE ISSUE OF ANY TRANCHE OF NOTES, THE DEALER OR DEALERS (IF ANY) NAMED AS THE STABILISING MANAGER(S) (OR PERSONS ACTING ON BEHALF OF ANY STABILISING MANAGER(S)) IN THE APPLICABLE FINAL TERMS MAY OVER ALLOT NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER, THERE IS NO ASSURANCE THAT THE STABILISING MANAGER(S) (OR PERSONS ACTING ON BEHALF OF A STABILISING MANAGER) WILL UNDERTAKE STABILISATION ACTION. ANY STABILISATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE RELEVANT TRANCHE OF NOTES IS MADE AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS AFTER THE ISSUE DATE OF THE RELEVANT TRANCHE OF NOTES AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE RELEVANT TRANCHE OF NOTES. ANY STABILISATION ACTION OR OVER-ALLOTMENT MUST BE CONDUCTED BY THE RELEVANT STABILISING MANAGER(S) (OR PERSON(S) ACTING ON BEHALF OF ANY STABILISING MANAGER(S)) IN ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES.

This Prospectus contains assessments of market data and information derived therefrom which could not be obtained from any independent sources. Such information is based on the Issuer's own internal assessments and may therefore deviate from the assessments of competitors of Deutsche Annington or future statistics by independent sources. As regards the market positions of Deutsche Annington, Deutsche Annington's own estimations are mainly based on company data, which either is derived from information by competitors or from data provided by independent research companies.

The language of this Prospectus is English. Any part of this Prospectus in the German language constitutes a translation except for the Guarantee where the English part constitutes a translation. In respect of the issue of any Tranche of Notes under the Programme, the German text of the Terms and Conditions may be controlling and binding if so specified in the relevant Final Terms. In respect of the Guarantee, the German language version is always controlling and binding. In respect of the documents incorporated by reference, (i) the English language version is controlling and binding in relation to the documents listed in the table of documents incorporated by reference under the heading "Documents Incorporated by Reference - Deutsche Annington Finance B.V." and (ii) the German language version is controlling and binding in relation to the documents listed in the table of documents incorporated by reference under the heading " Documents Incorporated by Reference - Deutsche Annington Immobilien SE".

In this Prospectus, all references to "€", "Euro" or "EUR" are to the currency introduced at the start of the third stage of the European economic and monetary union, and as defined in Article 2 of the Council Regulation (EC) No. 974/98 of 3 May 1998 on the introduction of the Euro, as amended. All references to "$" or "USD" are to U.S. dollar, the official currency of the United States of America.

FORWARD-LOOKING STATEMENTS

This Prospectus contains certain forward-looking statements. A forward-looking statement is a statement that does not relate to historical facts and events. They are based on analyses or forecasts of future results and estimates of amounts not yet determinable or foreseeable. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will" and similar terms and phrases, including references and assumptions. This applies, in particular, to statements in this Prospectus containing information on future earning capacity, plans and expectations regarding the Deutsche Annington Group's business and management, its growth and profitability, and general economic and regulatory conditions and other factors that affect it.

Forward-looking statements in this Prospectus are based on current estimates and assumptions that the Issuer and the Guarantor make to the best of their present knowledge. These forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results, including Deutsche Annington Group's financial condition and results of operations, to differ materially from and be worse than results that have expressly or implicitly been assumed or described in these forward-looking statements. Deutsche Annington Group's business is also subject to a number of risks and uncertainties that could cause a forward-looking statement, estimate or prediction in this Prospectus to become inaccurate. Accordingly, investors are strongly advised to read the following sections of this Prospectus: "Summary" and "Description of the Guarantor and the Group". These sections include more detailed descriptions of factors that might have an impact on Deutsche Annington Group's business and the markets in which it operates.

In light of these risks, uncertainties and assumptions, future events described in this Prospectus may not occur. In addition, neither the Issuer nor the Dealers assume any obligation, except as required by law, to update any forward-looking statement or to conform these forward-looking statements to actual events or developments.

TABLE OF CONTENTS

Page

SUMMARY ...... 6

GERMAN TRANSLATION OF THE SUMMARY ...... 30

RISK FACTORS ...... 56

RESPONSIBILITY STATEMENT ...... 93

CONSENT TO THE USE OF THE PROSPECTUS ...... 94

GENERAL DESCRIPTION OF THE PROGRAMME ...... 95

TERMS AND CONDITIONS OF THE NOTES ...... 98

TERMS AND CONDITIONS OF THE NOTES - OPTION I NOTES WITH A FIXED INTEREST RATE 100

TERMS AND CONDITIONS OF THE NOTES - OPTION II NOTES WITH A FLOATING INTEREST RATE ...... 148

FORM OF GUARANTEE ...... 197

FORM OF FINAL TERMS (MUSTER - ENDGÜLTIGE BEDINGUNGEN) ...... 215

DESCRIPTION OF RULES REGARDING RESOLUTIONS OF HOLDERS ...... 232

DESCRIPTION OF THE ISSUER ...... 235

DESCRIPTION OF THE GUARANTOR AND THE GROUP ...... 238

USE OF PROCEEDS ...... 326

TAXATION ...... 340

SUBSCRIPTION AND SALE ...... 351

GENERAL INFORMATION ...... 354

DOCUMENTS INCORPORATED BY REFERENCE ...... 356

NAMES AND ADDRESSES ...... 358

SUMMARY

Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in Sections A – E (A.1 – E.7).

This summary (the "Summary") contains all the Elements required to be included in a summary for this type of Notes and Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements.

Even though an Element may be required to be inserted in the Summary because of the type of Notes and the Issuer, it is possible that no relevant information can be given regarding the Element. In this case, a short description of the Element is included in the Summary with the mention of "not applicable".

Element Section A – Introduction and warnings A.1 Warnings This Summary should be read as an introduction to the Prospectus. Any decision to invest in the Notes should be based on consideration of the Prospectus as a whole by the investor. Where a claim relating to the information contained in the Prospectus is brought before a court, the plaintiff investor might, under the national legislation of the Member States, have to bear the costs of translating the Prospectus, before the legal proceedings are initiated. Civil liability attaches only to the Issuer and the Guarantor who have tabled the Summary including any translation thereof, but only if the Summary is misleading, inaccurate or inconsistent when read together with the other parts of the Prospectus or it does not provide, when read together with the other parts of the Prospectus, key information in order to aid investors when considering whether to invest in the Notes. A.2 Consent to the use of the [Each Dealer and/or each further financial intermediary Prospectus subsequently reselling or finally placing the Notes in [the Grand Duchy of Luxembourg] [,] [and] [the Federal Republic of Germany] [,] [and] [the Republic of Austria] [and] [The Netherlands] is entitled to use the Prospectus for the subsequent resale or final placement of the Notes during the offer period for the subsequent resale or final placement of the Notes from [●] to [●], provided however, that the Prospectus is still valid in accordance with Article 11 Sec. 2 of the Luxembourg Law relating to prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières) which implements Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as amended by Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010). The Prospectus may only be delivered to potential investors together with all supplements published before such delivery. Any supplement to the Prospectus is available for viewing in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu) and on the website of Deutsche Annington (www.deutsche-annington.com).

When using the Prospectus, each Dealer and/or relevant further financial intermediary must make certain that it complies with all applicable laws and regulations in force in the respective jurisdictions. In the event of an offer being made by a Dealer and/or a further financial intermediary the Dealer and/or the further financial intermediary shall provide information to investors on the terms and conditions of the Notes at the time of that offer.] [Not applicable. The Issuer does not consent to the use of the Prospectus.]

Element Section B – Deutsche Annington Finance B.V.

B.1 Legal and commercial Deutsche Annington Finance B.V. is simultaneously the legal and name of the Issuer commercial name. B.2 Domicile, legal form, The Issuer is a Dutch private company with limited liability legislation and country of governed by Dutch law (besloten vennootschap met beperkte incorporation of the Issuer aansprakelijkheid). The registered office of the Issuer is Vondelstraat 73, 1054 GK Amsterdam, The Netherlands. B.4b Known trends affecting the Not applicable. There are no known trends affecting the Issuer Issuer and the industries in and the industries in which it operates. which it operates B.5 Description of the group The Issuer is a directly wholly owned subsidiary of Deutsche and the Issuer's position Annington Immobilien SE (the "Guarantor") and has no within the group subsidiaries of its own. B.9 Profit forecast or estimate Not applicable. No profit forecast or estimate are made. B.10 Nature of qualifications in Not applicable. The auditor's reports with respect to the financial the auditor's reports on the statements as of 31 December 2014 and 31 December 2013 do historical financial not include any qualifications. information

Element Section B – Deutsche Annington Finance B.V.

B.12 Selected historical key financial information regarding the Issuer The following selected financial information for the Issuer is based on the audited annual financial statements of the Issuer as of 31 December 2013 and 31 December 2014. The annual financial statements were prepared in accordance with Dutch GAAP. Balance sheet data As of As of 31 December 2014 31 December 2013 (in EUR thousand) (audited) Fixed assets ...... 4,778,749 2,529,683 Current assets ...... 73,997 23,620 Total assets ...... 4,852,746 2,553,303 Equity...... (16,021) (4,974) Long-term liabilities Hybrid bond ...... 993,034 - Bonds ...... 3,795,518 2,507,856 Derivate financial liabilities ...... - 24,657 Total long-term liabilities ...... 4,788,552 2,532,513 Current liabilities ...... 80,215 25,764 Total equity and liabilities...... 4,852,746 2,553,303

Trend information There has been no material adverse change in the prospects of the Issuer since 31 December 2014. Significant change in the financial and trading position Not applicable. There has been no significant change in the financial or trading position of the Issuer since 31 December 2014. B.13 Recent developments Not applicable. There are no recent events particular to the Issuer which are to a material extent relevant to the evaluation of the Issuer's solvency. B.14 Statement of dependency Please see Element B.19 B.5 for information on the description upon other entities within of the Group. the Group The Issuer is a wholly owned subsidiary of the Guarantor and has no subsidiaries of its own. The Issuer is fully dependent upon the Guarantor. B.15 Principal activities The Issuer acts as financing subsidiary of the Guarantor, the principal activity of the Issuer is the provision of loans to members of the Group financed with funds acquired from the capital market, bank loans and loans from other companies of the Group.

Element Section B – Deutsche Annington Finance B.V.

B.16 Major shareholders The Guarantor is the sole shareholder of the Issuer. The Issuer is therefore indirectly controlled by the major shareholders of the Guarantor (see Section B — Deutsche Annington Immobilien SE — Element B.19 B.16). B.17 Credit ratings of the Issuer Not applicable. The Issuer is not rated. or its debt securities [Not applicable. The Notes have not been rated.][The Notes have been rated [insert rating(s)] by [insert rating agency/agencies]]. B.18 Nature and scope of the Notes issued by the Issuer will have the benefit of a guarantee Guarantee (the "Guarantee") for the payment of principal and interest on the Notes granted by the Guarantor. The Guarantee constitutes an irrevocable, unsecured and unsubordinated obligation of the Guarantor ranking pari passu with all other unsecured and unsubordinated obligations of the Guarantor. The terms of the Guarantee also contain a negative pledge of the Guarantor. The Guarantee is governed by German law. The Guarantee constitutes a contract for the benefit of the holders of the Notes (the "Holders") from time to time as third party beneficiaries pursuant to § 328 paragraph 1 German Civil Code (Bürgerliches Gesetzbuch; "BGB").

Element Section B – Deutsche Annington Immobilien SE

B.19 Legal and commercial The Guarantor's legal name is Deutsche Annington Immobilien B.1 name SE. The Group primarily operates under the commercial name "Deutsche Annington". B.19 Domicile, legal form, The Guarantor has its registered office at Münster Straße 248, B.2 legislation and country of 40470 Düsseldorf, Federal Republic of Germany. The Guarantor incorporation is a European company (Societas Europaea — SE) incorporated in Germany and governed by European and German law. B.19 Known trends affecting the The Group and the entire German real estate industry are B.4b Guarantor and the strongly affected by current and expected demographic trends, industries in which it particularly, a declining population, an increase in the number of operates households with a lower than average household size and an aging population. These trends have led and will probably continue to lead to increased demand for residential units suitable for one- or two-person households and/or for senior citizens. The Group as well as the real estate industry are also affected by economic developments in Germany. Deutsche Annington generates income from two main sources: rental income and income from property sales, both of which are strongly influenced by the market prices for real estate, which in turn reflect rents, vacancy rates and other factors, including market expectations. Since 2010, the German real estate industry and the results of the Group have been positively impacted by developments in the real estate market.

Element Section B – Deutsche Annington Immobilien SE

B.19 Description of the group The Guarantor is the holding company of the Group. The B.5 and the Guarantor's Guarantor's business is primarily conducted by the relevant position within the group operating subsidiaries. The following diagram sets forth a current summary (in simplified form) of the Guarantor's significant subsidiaries taking into account the relevant successive interests (durchgerechneter Beteiligungsanteil). The shareholdings presented also include shareholdings of affiliated companies pursuant to Sections 15 et seq. German Stock Corporation Act (Aktiengesetz). The Group's limited partnerships are held through third-party acquisition structures. Due to the applied calculation method, these are not represented in the chart below. The shareholdings presented below are rounded to two decimal points. The area shaded in grey denotes the financing cluster, to which the respective companies belong.

Simplified Group Structure

(Partially) indirect shareholding Deutsche Annington Immobilien SE

100.0% 100.0% 100.0% 100.0% 100.0% Frankfurter Deutsche Annington Deutsche Annington Viterra Holdings Eins Deutsche Annington Siedlungsgesellschaft Acquisition Holding Holdings Eins GmbH GmbH Holdings Vier GmbH mbH (FSG) GmbH 100.0% 100.0% 100.0% 51.0% Deutsche Annington Deutsche Annington Viterra Holdings Zwei Beamten- Deutsche TGS GmbH 94.9% Holdings Fünf GmbH Holgings Zwei GmbH GmbH Baugesellschaft Bremen Gesellschaft mit 100.0% 100.0% beschränkter Haftung Prima Wohnbauten 94.9% Baugesellschaft Bayern Privatisierungs- DA DMB Netherlands B.V. mbH Management GmbH 94.9% Kieler Wohnungsbau- gesellschaft mit beschränkter Haftung Financing cluster PRIMA 100.0% Deutsche Annington DMB 94.9% Bundesbahn- Eins GmbH Wohnungsbaugesellschaft Kassel Gesellschaft mit beschränkter Haftung Bremische Gesellschaft 100.0% 100.0% 94.9% für Stadterneuerung, Stadtentwicklung und Deutsche Annington Wohnungsbau mit Deutsche Annington Beteiligungsverwaltungs beschränkter Haftung Heimbau GmbH GmbH

100.0% 94.9% Deutsche Annington MIRA Grundstücks- Immobilien- gesellschaft mbH Dienstleistungen GmbH

B.19 Profit forecast or Not applicable. No profit forecast or estimate are made. B.9 estimate B.19 Nature of Not applicable. The auditor's reports on the historical consolidated B.10 qualifications in the financial information with respect to the financial years ended 31 auditor's reports on December 2013 and 31 December 2014 do not include any the historical qualifications. financial information B.19 Selected historical key financial information B.12 The following tables set forth selected financial information relating to the Guarantor. The financial information has been extracted from the audited consolidated financial statements of the Guarantor for the financial years ended 31 December 2013 and 31 December 2014 respectively. The audited consolidated financial statements for the financial years ended 31 December 2013 and 31 December 2014 have been prepared in accordance with International Financial Reporting

Element Section B – Deutsche Annington Immobilien SE

Standards, as adopted by the European Union ("IFRS"), and the additional requirements of German commercial law pursuant to Section 315a (1) German Commercial Code (Handelsgesetzbuch; "HGB"). Where financial information in the following table is labeled "audited", this means that it was taken or derived from the audited consolidated financial statements of the Guarantor as of and for the financial years ended 31 December 2013 and 31 December 2014, respectively. Consolidated income statement data For the year ended 31 December 2014 2013 (in EUR million) (audited) Income from property management ...... 1,156.6 1,067.6 Profit on disposal of properties (IFRS) ...... 69.0 52.0 Net income from fair value adjustments of investment properties ...... 371.1 553.7 Capitalized Internal modernization expenses ...... 85.6 42.0 Cost of materials...... (542.6) (502.8) Personnel expenses ...... (184.6) (172.1) Depreciation and amortization ...... (7.4) (6.8) Other operating income ...... 65.3 45.8 Other operating expenses ...... (152.4) (104.2) Financial income ...... 8.8 14.0 Financial expenses...... (280.3) (299.6) Profit before tax ...... 589.1 689.6 Income tax ...... (179.4) (205.4) Profit for the period ...... 409.7 484.2

Element Section B – Deutsche Annington Immobilien SE

Consolidated balance sheet data As of 31 December 2014 2013 (in EUR million) (audited) Total non-current assets...... 12,980.0 10,352.6 Total current assets ...... 1,779.2 740.2 Total assets ...... 14,759.2 11,092.8 Total equity attributable to the Guarantor's shareholders 4,932.6 3,805.5 Equity of the hybrid capital investors 1,001.6 - Non-controlling interests ...... 28.0 12.5 Total equity ...... 5962.2 3,818.0 Total non-current liabilities ...... 8292.9 6,830.7 Total current liabilities ...... 504.1 444.1 Total liabilities ...... 8,797.0 7,274.8 Total equity and liabilities ...... 14,759.2 11,092.8

Trend information There has been no material adverse change in the prospects of the Guarantor since 31 December 2014. Significant change in the financial and trading position Except for the issuance of the Takeover Offer (described under element B.19, B.13), there has been no significant change in the financial or trading position of the Guarantor since 31 December 2014. B.19 Recent developments The purchase agreement concluded with CitCor for around 5,000 B.13 residential units and around 210 commercial units was partly rescinded in December 2014 and the Guarantor and various entities of CitCor agreed on the purchase of 94.9 per cent. of certain portfolio holding companies of CitCor by the Guarantor by way of a mixed asset and share deal. Prior to closing of the transactions, one commercial unit is expected to be transformed into approximately 100 residential units, which would result in approximately 5,100 residential units and around 210 commercial units being acquired. Closing of both transactions with a combined purchase price of approximately EUR 320 million is expected to occur on 1 April 2015. On 1 December 2014, Deutsche Annington announced its intention to submit a takeover offer for the acquisition of all shares of Gagfah S.A. (the "Gagfah Shares") by way of a combined cash and tender offer against shares in the Guarantor issued for the purpose of the offer (the "DA Offer Shares") and a cash payment (the "Takeover Offer"). On 19 December 2014, it published the Offer Document. On 28 January 2015, the German Cartel Office (Bundeskartellamt) cleared the closing of the Takeover Offer. At the end of the additional acceptance period pursuant to Section 16 para. 2 sentence 1 of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG) that ended on 9 February 2015, 24:00 hours CET, the Takeover Offer had been accepted for 230,954,655

Element Section B – Deutsche Annington Immobilien SE

shares of Gagfah or 93.8 per cent. of the Gagfah Shares. Accordingly, the Guarantor received 218,569,096 tendered shares of Gagfah on 6 March 2015. Based on the offer consideration of EUR 122.52 and five DA Offer Shares for every 14 Gagfah Shares, the total offer compensation for the takeover amounted to EUR 2,021,183,166.48 and 82,483,803 DA Offer Shares. In accordance with Luxembourg takeover law, the remaining shareholders of Gagfah S.A. are entitled to require Deutsche Annington to buy their Gagfah Shares at a fair price, which (at such Gagfah S.A.’s shareholder’s choice) will consist of either (i) a mixed consideration of cash and Deutsche Annington shares equivalent to the Takeover Offer consideration, or (ii) a cash only consideration, which is currently being determined by Deutsche Annington under the surveillance of the Luxembourg financial supervisory authority (Commission de Surveillance du Secteur Financier) (the "Sell-out Right"). Under Luxembourg takeover law, the Sell-out Right may be exercised within a period of three months following the end of the extended acceptance period for the Takeover Offer, i.e. until 10 May 2015. After the closing of the transaction, the new combined portfolio will amount to approximately 343,000 residential units. For fiscal year 2015, Deutsche Annington expects to sell around 1,600 residential units in the privatise portfolio with a fair value step-up of approximately 30 per cent.. In addition, Deutsche Annington plans to continue the opportunistic sale of residential units in the non-core segment at market values throughout fiscal year 2015. While the monthly in-place rent per sqm on 31 December 2014 (including the Vitus Portfolio) was EUR 5.58 per sqm, excluding the effects of the DeWAG and the Vitus Portfolio acquisitions, the residential in-place rent per sqm per month as of 31 December 2014 would have amounted to EUR 5.55, resulting in an increase of the monthly in-place rent on a like-for-like basis, i.e., without changes in the portfolio of the Guarantor over the previous year, of 2.5 per cent.. The vacancy rate decreased slightly from 3.5 per cent. at the end of the fiscal year 2013 to 3.4 per cent. at the end of fiscal year 2014. Rental income – taking into account the acquired DeWAG holdings and the Vitus Portfolio – is EUR 789.3 million for the fiscal year ended on 31 December 2014. For fiscal year 2015, the Group expects an increase of the residential in-place rent between 2.6 per cent. and 2.8 per cent. on a like-for-like basis, resulting in a total increase in rental income by approximately EUR 100 million to between EUR 880 and 900 million. In addition, Deutsche Annington anticipates a further slight decrease in vacancy rates to approximately 3.3 per cent.. The ongoing investment programme with the goal of improving its housing stock continues to prove successful. Deutsche Annington focuses on improving its holdings continuously and sustainably. Deutsche Annington spent more than EUR 170 million on its comprehensive modernisation programme and further modernisation measures. At the end of 2014, Deutsche Annington had renovated more than 5,000 apartments for energy efficiency and more than 2,900 units

Element Section B – Deutsche Annington Immobilien SE

to meet the needs of elderly people. This means that the ratio of renovations for energy efficiency in the fiscal year 2014 increased to more than 3.0 per cent.. Together with maintenance measures (including capitalised maintenance) Deutsche Annington invested more than EUR 345 million in the modernisation and maintenance (including capitalised maintenance) of the real estate portfolio of the Group during that time span. In fiscal year 2015, Deutsche Annington plans to invest more than EUR 200 million under its ongoing investment programme and a further approximately EUR 200 million for maintenance (including capitalised maintenance), leading to total planned investments of more than EUR 400 million. On 10 March 2015, Standard & Poor's Credit Market Services Europe Limited ("Standard & Poor's") 1 upgraded the long-term corporate credit rating of Deutsche Annington from "BBB" to "BBB+". B.19 Statement of Please see Element B.19 B.5 for information on the description of the B.14 dependency upon Group. other entities within Not applicable. The Guarantor is the parent company of Deutsche the Group Annington Group and is not dependent upon other entities in Deutsche Annington Group. B.19 Principal activities Based on Deutsche Annington's internal market analysis, Deutsche B.15 Annington considers itself Germany's largest private-sector residential real estate company in terms of the fair value of its portfolio and number of units owned. By the same measure, Deutsche Annington is also one of the top ten listed European real estate companies and the largest listed German residential real estate company. As of 31 December 2014, the Group's real estate portfolio comprised 203,028 residential units, 49,508 garages and parking spaces as well as 1,471 commercial units and was valued at EUR 12.8 billion (fair value). In April 2014, Deutsche Annington completed the acquisition of the real estate business managed by the DeWAG Group ("DeWAG") and, on 1 October 2014, closed the takeover of the Vitus Real Estate Group (the "Vitus Group" and the "Vitus Group Takeover"). Following the sale of parts of the portfolio acquired in the Vitus Group Takeover on 9 October 2014, the two transactions relate to an aggregate portfolio of about 31,700 units as of 31 December 2013 for an aggregate acquisition price of approximately EUR 2.0 billion. On 29 August 2014, Deutsche Annington entered into a sale and purchase agreement with various entities of CitCor Residential Group, a joint venture of Citigroup Property Investors and CORPUS SIREO ("CitCor") for the acquisition of around 5,000 residential units and around 210 commercial units in Berlin and eastern Germany. In December 2014, this agreement was partly rescinded and the Guarantor and various entities of CitCor agreed

1 Standard & Poor's is established in the European Community and is registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended (the "CRA Regulation"). The European Securities and Markets Authority publishes on its website (www.esma.europa.eu/page/list-registered-and-certified-CRAs) a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update.

Element Section B – Deutsche Annington Immobilien SE

on the purchase of 94.9 per cent. of certain portfolio holding companies of CitCor (i.e. companies holding some of the properties described above) by the Guarantor. Prior to closing of the transactions, one commercial unit is expected to be transformed into approximately 100 residential units, which would result in approximately 5,100 residential units and around 210 commercial units being acquired. Closing of both transactions with a combined purchase price of approximately EUR 320 million (together the "Franconia Transaction") is expected to occur on 1 April 2015. All of the Group's properties and business operations are located in Germany and benefit from the positive growth of the German economy in general and the growth of the real estate market, which have both been more resilient to adverse economic conditions than most other economies and industries. Deutsche Annington also benefits from the demographic trend towards one- and two-person households which is expected to be particularly strong in Germany's metropolitan areas (Source: BBSR – Regional Planning 2030) and an aging population. Given the national average size for rental residential units of 69.4 sqm and an average owner occupied unit size of 121.9 sqm in 2013, Deutsche Annington believes it is well-positioned to meet the increasing demand for units tailored to smaller households with its average unit size of 63 sqm and two to three rooms per residential unit (Source: Federal Statistical Office, Housing). In addition, the German residential real estate market is characterised by low tenant mobility and the long-term nature of contractual relationships making residential rental business more stable. As of 31 December 2014, Deutsche Annington's vacancy rate was approximately 3.4 per cent. and residential in-place rent amounted to EUR 5.58 per sqm per month. In managing its portfolio, Deutsche Annington follows a disciplined approach and has a track record in value creation. Deutsche Annington classifies its properties into five portfolios: (i) "Operate", (ii) "Upgrade Buildings" (energy efficiency measures carried out by the Group to increase the economic value of properties), (iii) "Optimise Apartments" (senior living/other major residential unit refurbishment), (iv) "Privatise", and (v) "Non-Core", for each of which Deutsche Annington follows a dedicated strategy. As of 31 December 2014, 97 per cent. of the portfolio in terms of fair value comprised core assets where Deutsche Annington believes that it can add value. Only 3 per cent. of the portfolio was considered as "Non-Core" with insufficient medium- to long-term growth prospects. Deutsche Annington aims to sell these "Non-Core" assets in the medium-term at prices around fair value. With respect to its core assets, Deutsche Annington intends to add value through three main levers: • Operational value generation, such as rental growth, vacancy reduction, effective and sustainable maintenance spend and cost efficiencies through scaling;

Element Section B – Deutsche Annington Immobilien SE

• Additional value generation through a dedicated investment programme, which is mainly based on energy-efficient modernisations of buildings, the modernisation of individual apartments for senior living and high standard refurbishments in markets where fully refurbished apartments deliver a rental premium; and • Additional value generation through privatisation of condominium units and single-family houses at a premium. As of 31 December 2014, these units amounted to 12 per cent. of the total portfolio in terms of fair value. In the past three years, Deutsche Annington has sold about 2,500 apartments per year at average prices of more than 20 per cent. above fair value. The cash generated from the sale of privatisation and "Non-Core" assets may be redeployed to fund investments in the residential units designated for building or apartment upgrades, to reduce debt, to fund dividend payments, or to finance acquisitions. Using a well-balanced mix of local and centralised operational structures, Deutsche Annington manages its assets in an efficient, integrated and industrialised manner. While the processes that capture economies of scale are performed on a centralised basis, processes that require in-depth knowledge of an individual local market or that require close interaction with the Group's customers are performed through the Group's 33 local business units organised in four regional clusters, which are situated in proximity of its assets and customers throughout Germany. The Group capitalises on its size in order to complement its property rental activities with selected value-add services to improve customer satisfaction. In cooperation with one of Germany's biggest craftsmen companies, B&O Service & Messtechnik AG, as joint venture partner, Deutsche Annington has established a craftsmen organisation comprised of 1,760 people as of 31 December 2014 who are solely dedicated to the performance of maintenance work related to Deutsche Annington's portfolio, in addition to a caretaker organisation that performs services on site and, as of 31 December 2014, employed 425 people. The Group's rental-related services range from ancillary cost savings from bulk purchases of utilities, to providing fibre-optic television and internet access, to the negotiation of discounts on purchases from selected service providers. Deutsche Annington is able to purchase relatively large attractive properties and real estate portfolios that are beyond the reach of smaller competitors, and it is positioned to successfully integrate such newly acquired units economically into its existing portfolio. In addition, Deutsche Annington has access to capital markets financing not available to smaller companies.

Element Section B – Deutsche Annington Immobilien SE

B.19 Major shareholders As of the date of this Prospectus, the following shareholders have a B.16 direct or indirect reportable participation in the registered shares and the voting rights of the Guarantor. The percentage values shown in the table below are based on the amount of voting rights last notified to the Guarantor with regard to the stated reference date by the respective shareholder pursuant to Sections 21 et seqq. of the German Securities Trading Act (Wertpapierhandelsgesetz –WpHG) in relation to the Guarantor's share capital as of the date of this Prospectus. It should be noted that the number of voting rights last notified could have changed since such notifications were submitted to the Guarantor without requiring the relevant shareholder to submit a corresponding voting rights notification if no notifiable thresholds have been reached or crossed:

Actual (direct or indirect) ownership of Deutsche Annington Immobilien SE Share of voting rights Shareholder (in %) Abu Dhabi Investment Authority(1) ...... 11.85

Norges Bank(2) ...... 7.82

BlackRock(3) ...... 7.45

The Wellcome Trust Ltd(4)...... 6.68

Wellington Management Group LLP(5) ...... 3.34

Sun Life Financial (6) 3.12

Lansdowne Partners (7) 3.01

Total ...... 43.27

(1) The shares are directly held by HIP Company Ltd. The voting rights of such shares are attributed to Abu Dhabi Investment Authority and to the Emirates of Abu Dhabi pursuant to Section 22 para. 1 sent. 1 no. 1 WpHG (reference date in each case: 20 May 2014). (2) Norges Bank is the Central Bank of Norway and its voting rights are attributed to the State of Norway pursuant to Section 22 para. 1 sent. 1 no. 1 WpHG (reference date in each case: 25 August 2014). (3) 7.45% of the voting rights of the Guarantor are attributed to BlackRock, Inc. pursuant to Section 22 para. 1 sent. 1 nos. 1, 2 and 6 in connection with sent. 2 WpHG (reference date: 11 February 2015). Such voting rights are attributed to the following companies in varying amounts pursuant to different provisions of Section 22 para. 1 WpHG: BlackRock Holdco 2, Inc. (7.37%) (reference date: 11 February 2015); BlackRock Financial Management, Inc. (7.33%) (reference date: 11 February 2015); BlackRock Advisors Holdings, Inc. (4.98%) (reference date: 8 January 2015); BlackRock International Holdings, Inc. (4.98%) (reference date: 8 January 2015); BR Jersey International Holdings L.P. (4.98%) (reference date: 8 January 2015); BlackRock Delaware Holdings Inc. (3.33%) (reference date: 11 February 2015); BlackRock Holdco 4, LLC (3.33%) (reference date: 11 February 2015); BlackRock Holdco 6, LLC (3.33%) (reference date: 11 February 2015); BlackRock Investment Management (UK) Limited (2.98%) (reference date: 8 January 2015); BlackRock Group Limited (2.86%) (reference date: 26 February 2015); and BlackRock Luxembourg Holdco S.à r.l. (2.65%) (reference date: 9 January 2015). (4) The shares are directly held by The Wellcome Trust Ltd (reference date: 20 May 2014).

Element Section B – Deutsche Annington Immobilien SE

(5) The voting rights are attributed to Wellington Management Group LLP pursuant to Section 22 para. 1 sent. 1 nos. 1 and 6, partly in connection with sent. 2, WpHG (reference date: 1 January 2015). (6) Sun Life Financial Inc.; Sun Life Global Investments Inc.; Sun Life Assurance Company of Canada - U.S. Operations Holdings, Inc.; Sun Life Financial (U.S.) Holdings, Inc., Sun Life Financial (U.S.) Investments LLC; Sun Life of Canada (U.S.) Financial Services Holdings, Inc. are each attributed 3.12% of voting rights pursuant to Section 22 para. 1 sent. 1 no. 6 in connection with sent. 2 WpHG. Massachusetts Financial Services Company (MFS) is attributed 2.85% of voting rights of the Guarantor pursuant to Section 22 para. 1 sent. 1 no. 6 WpHG and 0.265% (i.e., a total of 3.12%) pursuant to Section 22 para. 1 sent. 1 no. 6 in connection with sent. 2 WpHG (reference date in each case: 10 March 2014). (7) 3.01% of the voting rights are attributed (i) to Lansdowne Partners (UK) LLP pursuant to Section 22 para. 1 sent. 1 no. 6 WpHG, (ii) to Lansdowne Partners Limited pursuant to Section 22 para. 1 sent. 1 no. 6 in connection with sent. 2 WpHG, and (iii) to Lansdowne Partners International Limited pursuant to Section 22 para. 1 sent. 1 nos. 1, 2 and 6, partly in connection with sent. 2, WpHG (reference date in each case: 23 January 2015). B.19 Credit ratings of the Standard & Poor's2 has assigned the long-term credit rating "BBB+" B.17 Guarantor or its debt (outlook stable) to the Guarantor. securities

Element Section C – The Notes

C.1 Class and type of the Class Notes/security The Notes are unsecured. identification number [In case of Fixed Rate Notes, insert: The Notes bear fixed interest throughout the entire term of the Notes.] [In case of Floating Rate Notes, insert: The Notes will bear interest at a rate determined [(and as adjusted for the applicable margin)] on the basis of a reference rate appearing on the agreed screen page of a commercial quotation service.] ISIN [•] Common Code [•] WKN [•] C.2 Currency The Notes are issued in [Euro ("EUR")] [U.S. dollars ("USD")] [●]. C.5 Restrictions on the Not applicable. There are no restrictions on the free transferability of free transferability of the Notes. the Notes C.8 Rights attached to the Negative pledge Notes, ranking of the The Notes contain a negative pledge undertaking of the Issuer and set Notes, limitations to out the terms of a negative pledge undertaking of the Guarantor in the the rights attached to Guarantee. the Notes

2 Standard & Poor's is established in the European Community and is registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended (the "CRA Regulation"). The European Securities and Markets Authority publishes on its website (www.esma.europa.eu/page/list-registered-and-certified-CRAs) a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update.

Element Section C – The Notes

Taxation All amounts payable in respect of the Notes shall be made without withholding or deduction for, or on account of any present or future taxes or duties of whatever nature imposed or levied at source by way of withholding or deduction by or on behalf of The Netherlands or any political subdivision or any authority therein or thereof having power to tax, unless such withholding or deduction is required by law. In such event, subject to customary exceptions, the Issuer will pay such additional amounts as shall be necessary in order that the net amounts received by the Holders, after such withholding or deduction shall equal the respective amounts which would otherwise have been receivable in the absence of such withholding or deduction. Covenants of the Guarantor Limitation of Incurrence of Financial Indebtedness The Guarantee restricts the Guarantor's ability to incur additional indebtedness and to create liens on its assets. The Guarantee provides that the Guarantor will, and will procure that its Subsidiaries will, after the issue date of the Notes, incur any financial indebtedness, only if certain ratios are not breached, subject to certain exceptions. Maintenance of Consolidated Coverage Ratio The Guarantor has further undertaken in the Guarantee that from the issue date of the Notes, the coverage ratio of the Group (being the ratio between the Group's earnings before interest and taxes of one period and the Group's interest expenses of the same period) does not fall below a specified minimum value, subject to certain exceptions. Maintenance of Total Unencumbered Assets The Guarantor has further undertaken in the Guarantee that from the issue date of the Notes, the unencumbered assets of the Guarantor and its Subsidiaries will at no time be less a specified minimum value, subject to certain exceptions. Status of the Notes The Notes will constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer, ranking pari passu among themselves and pari passu with all other unsecured and unsubordinated obligations of the Issuer, unless such obligations are accorded priority under mandatory provisions of statutory law. The Guarantor has given a guarantee (the "Guarantee") for the payment of principal and interest together with all other sums payable by the Issuer under the Notes. [In case of an early redemption of Fixed Rate Notes, insert: Early Redemption The Notes can be redeemed prior to their stated maturity [[at the option of the] [Issuer] [and] [or] [the Holders],] for taxation reasons, for reasons of a change of control [, for reasons of minimal outstanding amount] or upon the occurrence of an event of default).]

Element Section C – The Notes

[In case of an early redemption of Floating Rate Notes, insert: Early Redemption The Notes can be redeemed prior to their stated maturity for taxation reasons or for reasons of a change of control [, for reasons of minimal outstanding amount] or upon the occurrence of an event of default).] [In case of an early redemption of Fixed Rate Notes at the option of the Issuer at the Call Redemption Amount, insert: Early Redemption at the Option of the Issuer at the Call Redemption Amount The Notes can be redeemed at the option of the Issuer upon giving notice within the specified notice period to the Holders at their principal amount plus an Applicable Premium, together with accrued interest to, but excluding, the date specified in the notice (the "Call Redemption Date"). "Applicable Premium" means the excess, if any, of: (a) the present value on the Call Redemption Date of: (i) the principal amount per Notes, plus; (ii) all remaining scheduled interest payments per Note to (but excluding) the Maturity Date, discounted with the [insert Benchmark Yield] plus [insert margin]%; (b) over the principal amount per Note.] [In case of an early redemption of Fixed Rate Notes at the option of the Holders at specified redemption amount(s), insert: Early Redemption at the Option of the Holders at specified redemption amount(s) The Notes can be redeemed at the option of the Holders upon giving notice within the specified notice period to the Issuer on a date or dates specified prior to such stated maturity and at the specified redemption amount(s) together with accrued interest to, but excluding, the relevant redemption date.] Early redemption for taxation reasons Early redemption of the Notes at their principal amount together with accrued interest to, but excluding, the relevant redemption date for taxation reasons will be permitted if as a result of any change in, or amendment to, the laws or regulations (including any amendment to, or change in, an official interpretation or application of such laws or regulations) of The Netherlands (or, in case of the Guarantee, the Federal Republic of Germany) or any political subdivision or taxing authority thereof or therein affecting taxation or the obligation to pay duties of any kind, the Issuer is required to pay additional amounts on the Notes (or the Guarantor is required to pay additional amounts on the Guarantee).

Element Section C – The Notes

Early Redemption for Reasons of a Change of Control The Notes provide for the option of the Holders to demand an early redemption of the Notes at their principal amount together with accrued interest to, but excluding, the relevant redemption date in the event of a change of control in respect of the Guarantor. [In case of an early redemption for Reason of Minimal Outstanding Amount, insert: Early Redemption for Reason of Minimal Outstanding Amount The Notes can be redeemed by the Issuer at their principal amount together with accrued interest to, but excluding, the relevant redemption date in case the Guarantor or an enterprise associated therewith acquired Notes equal to or in excess of 80 per cent. of the aggregate principal amount of the Notes initially issued.] Early redemption in an event of default (including cross default) The Notes provide for events of default (including cross default) entitling Holders to demand immediate redemption of Notes at their principal amount together with accrued interest to, but excluding, the relevant redemption date. Resolutions of Holders In accordance with the German Act on Debt Securities of 2009 (Schuldverschreibungsgesetz – "SchVG") the Notes and the Guarantee contain provisions pursuant to which Holders may agree by resolution to amend the Terms and Conditions and/or the Guarantee (with the consent of the Issuer and/or the Guarantor), and to decide upon certain other matters regarding the Notes and/or the Guarantee. Resolutions of Holders properly adopted, are binding upon all Holders. Resolutions providing for material amendments to the Terms and Conditions (or the Guarantee) require a majority of not less than 75 per cent. of the votes cast. Resolutions regarding other amendments are passed by a simple majority of the votes cast. C.9 Interest and Please see Element C.8 for information on rights attached to the Redemption Notes, ranking of the Notes, limitations to the rights attached to the Payments, yield, Notes. representative of noteholders Interest rate [In case of Fixed Rate Notes, insert: [●] per cent. per annum.] [In case of Floating Rate Notes, insert: [EURIBOR] [LIBOR for the specified currency] [[plus] [minus] the margin of [●] per cent.] for each interest period.] Interest The issue date of the Notes. commencement date Interest payment [●] dates

Element Section C – The Notes

Underlying on which [In case of Fixed Rate Notes, insert: Not applicable. The interest rate interest rate is based is not based on an underlying.] [In case of Floating Rate Notes, insert: [EURIBOR] [LIBOR for the specified currency]] Maturity date, Unless previously redeemed in whole or in part or purchased and amortization, cancelled, the Notes shall be redeemed at their principal amount on [●]. repayment Payment of principal in respect of the Notes shall be made to the procedures Clearing System or to its order for credit to the accounts of the relevant account holders of the Clearing System. Indication of yield [In case of Fixed Rate Notes, insert: [●] per cent.] [In case of Floating Rate Notes, insert: Not applicable. No yield is calculated.] Name of Not applicable. No Holders' Representative has been designated in the representative of the Terms and Conditions of the Notes. Holders C.10 Explanation how the Please see Element C.9. value of the Not applicable. The Notes do not have a derivative component in the investment is affected interest payment. in the case the Notes have a derivative component in the interest payment C.11 Admission to listing [Application has been made for the Notes to be listed and admitted to and to trading on a trading on [the regulated market of the Luxembourg Stock Exchange] regulated market or [●]].] equivalent market / [Not applicable, the Issuer does not intend to make any application for Indication of the the Notes to be admitted to trading on any stock exchange.] market where the Notes will be traded and for which the Prospectus has been published

Element Section D – Risk specific to the Issuer

D.2 Key information on the key risks that are specific to the Issuer or its industry The Issuer is dependent on the Guarantor and other entities of the Group.

Element Section D – Risk specific to the Guarantor

D.3 Key information on the key risks that are specific to the Guarantor or its industry Market Risks • Deutsche Annington is dependent on demographic and economic developments in Germany and in the regional sub-markets where its properties are located. Further, the Group is dependent on its ability to adapt its housing activities to these developments. • The slow and uncertain recovery of the global economy from the recent financial and economic crises may result in market volatility, limited access to debt and equity financing and possible defaults by Deutsche Annington's counterparties. • The current macroeconomic environment is characterised by low interest rates and comparatively high values of residential real estate portfolios in Germany. Any rise in interest rates could have material adverse effects on the German real estate market and on Deutsche Annington. • It could become more difficult for Deutsche Annington to implement its strategy of acquiring residential real estate portfolios or real estate companies on attractive terms, particularly due to the relatively high current market prices for real estate portfolios and real estate companies. Any such development could impair the growth of Deutsche Annington's business and could prevent the Group from generating additional economies of scale and from improving its overall portfolio quality through acquisitions. Risks Related to the Takeover Offer for Gagfah SA ("Gagfah") • The integration of Gagfah and its consolidated subsidiaries (together the "Gagfah Group") into Deutsche Annington may not be successful or may not go as planned and involve higher costs than expected. • The expected synergies in connection with the integration of the Gagfah Group may not be realised, or only realised to a small extent, or the achieved synergies may create higher costs than planned. • The Guarantor could not access important documents of the Gagfah Group before the takeover of Gagfah, meaning that there may be unknown circumstances that are of material importance for the evaluation of the Gagfah Group. • The acquisition of the Gagfah Shares in connection with, or as result of, the takeover offer may trigger substantial Real Estate Transfer Tax (Grunderwerbsteuer) ("RETT") liabilities. • The acquisition of the Gagfah Shares by the Guarantor will lead to a loss of all or nearly all tax-loss and interest carryforwards of Gagfah. • The acquisition of the Gagfah Shares by the Guarantor could have an effect on the tax deductibility of interest expenses, which may result in a higher tax burden. • The financing of the Gagfah takeover offer as well as any necessary refinancing of financial liabilities of the Gagfah Group in connection with the takeover may fail. • Certain financial instruments or other agreements of the Gagfah Group could contain conditions that are triggered in connection with or as result of the takeover offer and, possibly, make a significant refinancing of these financial instruments of Gagfah necessary or lead to a loss of benefits from the other agreements. • The fixed exchange ratio between the Gagfah Shares and the shares offered by the Guarantor does not reflect market changes. Risks Related to Deutsche Annington's Business • Deutsche Annington is exposed to risks related to the structural condition of its properties

Element Section D – Risk specific to the Guarantor

and their modernisation and maintenance. The Group's loan and purchase agreements require Deutsche Annington to invest specified amounts in certain portfolios. Such requirements may lead to a sub-optimal funds allocation. • Deutsche Annington may be unable to sell any portion of its portfolio on favourable terms or may be unable to do so at all. • Deutsche Annington bears risks in connection with possible acquisitions and investments. These risks include unexpected liabilities, greater indebtedness, higher interest expenses and challenges with respect to the integration of newly acquired businesses and achieving anticipated synergies. In addition, transaction costs for the acquisition of real estate may increase due to a recent change in German tax law. Furthermore, real estate portfolios or real estate companies that may be acquired in the future may not develop as favourably as expected. • Future acquisitions may not close or not as originally contemplated, for example, due to conditions in the acquisition agreement or a failure to reach final agreements on the acquisition loan documentation. • Deutsche Annington plans significant investments in modernisation measures, which may not generate the expected return. • In connection with several key acquisitions, Deutsche Annington has entered into contractual obligations that restrict its ability to freely divest parts of its portfolio, to transfer or terminate employment relationships or to increase rents for certain units, and thereby potentially prevent the Group from extracting the maximum value from the affected properties. • Deutsche Annington has established a caretaker and craftsmen organisation to insource its on-site support services and for which it has recruited a large number of employees. This insourcing policy has significantly increased its personnel expenses and other fixed costs and continues to pose a management challenge. • In addition to residential property management and non-core income from the real estate portfolio, Deutsche Annington's business includes single unit sales (privatisations), which may result in some units of the developed condominiums remaining unsold. The unsold units may require greater administrative resources and may lead to additional expenses and other negative consequences for the Group. • Deutsche Annington could be exposed to risks from residual pollution including wartime ordinance, soil conditions and contaminants in building materials, as well as possible building regulation violations. Some of the buildings in Deutsche Annington's real estate portfolio are located at mining sites and may suffer damage caused by mining activities. • Deutsche Annington has a strategic partnership with Deutsche Telekom Group under which Deutsche Annington is obligated to pay fixed fees per residential unit regardless of Deutsche Annington's ability to pass on those costs to its tenants. In addition, Deutsche Annington employs and works together with a large number of service providers and is dependent on their performance. • Deutsche Annington may be liable to cover rent shortfalls pursuant to a guarantee given to a real estate fund. • Deutsche Annington has received subsidies from public authorities, which restrict the level of rents chargeable on a part of Deutsche Annington's portfolio. Providers of the subsidised loans may also unilaterally exercise their right to increase the rate of interest payable on such loans.

Element Section D – Risk specific to the Guarantor

• Deutsche Annington could sustain substantial losses from damage not covered by, or exceeding the coverage limits of, its insurance policies. • Deutsche Annington has a relatively small number of employees in administrative and management functions overseeing its business and may be unable to replace key personnel. • Deutsche Annington is dependent on cooperative relations with its employees, the works council (employee representatives) and the union ver.di. • Damage to Deutsche Annington's reputation and inadequate customer satisfaction may result in reduced demand for Deutsche Annington's residential units and may make it more difficult for Deutsche Annington to raise capital on favourable terms or at all. • Deutsche Annington's information technology systems could malfunction or become impaired. Risks Related to the Valuation of Deutsche Annington's Properties • If interest rates change, the market deteriorates or the Group's rent levels or vacancy rates develop unfavourably, Deutsche Annington may be required to adjust the current Fair Values of its investment properties and recognise significant losses. • Real estate valuation is inherently subjective, subject to uncertainties and based on assumptions which may prove to be inaccurate or affected by factors outside Deutsche Annington's or an external appraiser's control. Financial Risks • Deutsche Annington is dependent on its current corporate investment grade rating to pursue its financing strategy, including the satisfying of its future financing needs through the issuance of unsecured corporate bonds and notes. • Deutsche Annington has a substantial level of debt and Deutsche Annington's ability to repay existing debt with loans and other debt instruments could be limited. It may be difficult or expensive to obtain new sources of financing. • If the Issuer, Guarantor or other Group companies breach financial covenants or other provisions in connection with any existing or future bonds, notes or other debt instruments or under any existing or future loan agreements, Deutsche Annington may be required to bear higher interest costs or fully repay the relevant bonds, notes, debt instruments or loans before they become due, and security trustees or creditors could seize or realize significant collateral furnished by Deutsche Annington. • The Guarantor's cash flows and possible future dividends are dependent on the profitability of its subsidiaries. Regulatory and Legal Risks • Deutsche Annington's ability to increase rents is limited by German law and there are current political efforts to further restrict rent increases. • Under German law, tenants enjoy substantial protection against termination and tenant eviction. In addition, Deutsche Annington uses standardised tenancy agreements and standardised contract terms which are closely scrutinised by German courts. • Deutsche Annington's business is subject to the general legal environment in Germany. Any disadvantageous changes in the legal environment, such as mandatory environmental modernisation provisions, restrictions regarding modernisation measures or provisions (including taxes) that result in the incurrence of costs in the event of a property sale, may be detrimental to Deutsche Annington.

Element Section D – Risk specific to the Guarantor

• Deutsche Annington could be subject to liability claims for several years after selling properties. • The control and prevention mechanisms of Deutsche Annington's compliance structure may not have been, or may not be, sufficient to adequately protect Deutsche Annington from all legal or financial risks. Cases of irregularities could lead to official investigations or third- party claims against Deutsche Annington, which, in turn, could have a material adverse effect on its business, net assets, financial condition, cash flow, results of operations and reputation. • Deutsche Annington is subject to the general tax environment in Germany. The Group's tax burden in relation to the future tax treatment of dividend payments, current or future tax assessments, tax audits or court proceedings may increase due to changes in tax laws or changes in the application or interpretation thereof. • Significant reorganizations that the Group has undergone in the past may result in an additional tax burden. • The tax authorities might not accept all tax deductions for interest payments in the past due to uncertainties with respect to German earning stripping rules. Further, the Group's tax burden may increase as a consequence of a future change in the Guarantor's shareholder and/or group corporate structure. • A transfer of 95 per cent. or more of the shares in the Guarantor or in a subsidiary within a five-year period may trigger German real estate transfer tax. • Taxable capital gains arising out of sale of real property may not be completely offset by tax transfer of built in gains. • Following a setup of certain of its limited partnerships as trade tax payers, Deutsche Annington may not be able to net the trade tax losses and profits in its subsidiaries. • Deutsche Annington is subject to certain tax risks in connection with the refinancing of the GRAND securitisation. • Deutsche Annington is subject to possible future changes in the taxation of enterprises in Germany and in the European Union.

Element Section D – Risk specific to the Notes

D.3 Key information on the key risks that are specific to the Notes Risk Factors relating to the Notes comprise the following risks: • Suitability: A potential investor should not invest in Notes unless the investor has the expertise (either alone or with a financial advisor) to evaluate how Notes will perform under changing conditions, the resulting effects on the value of the Notes and the impact this investment will have on the potential investor's overall investment portfolio. • [In case of Fixed Rate Notes, insert: Notes with fixed interest rates: A Holder of Fixed Rate Notes is exposed to the risk that the price of such Note falls as a result of changes in the market interest rate.] • [In case of Floating Rate Notes, insert: Notes with floating interest rates: A Holder of Floating Rate Notes is exposed to the risk of fluctuating interest rate levels and uncertain interest income. Fluctuating interest rate levels make it impossible to determine the profitability of Floating Rate Notes in advance.]

Element Section D – Risk specific to the Notes

• Risk of early redemption: The Issuer has the right to repay all outstanding Notes if the Issuer would be obligated to pay additional amounts on the Notes (or the Guarantor would be obligated to pay additional amounts on the Guarantee) due to the deduction or discount of or the owing of current and future taxes [In case of an early redemption for Reason of Minimal Outstanding Amount insert: or for reason of minimal outstanding principal amount]. [In case of an early redemption of Notes at the option of the Issuer insert: In addition, Notes may be redeemable at the Issuer's option]. In this case, a Holder of such Notes is exposed to the risk that due to early redemption his investment will have a lower than expected yield. Also, after such an advance payment, a reinvestment of the refund in a comparable security with an effective rate of interest in the same amount as the Notes may not be possible. • Credit risk: Holders are subject to the risk of a partial or total failure of the Issuer or the Guarantor to make interest and/or redemption payments that the Issuer or the Guarantor is obliged to make under the Notes or the Guarantee, respectively. In addition, the market value of the Notes may suffer if the creditworthiness of the Issuer or the Guarantee, respectively, deteriorates. • No active public trading market: The Notes are new securities that are possibly not very widely spread and for which there is currently no liquid market. There can be no assurance that a liquid market will develop or be maintained for the Notes in the future. In an illiquid market, an investor might not be able to sell his Notes at any time at fair market prices. The possibility to sell Notes might additionally be restricted by country specific reasons. • Risk of Inflation: The real yield from an investment in the Notes is reduced by inflation. • Risk of structural subordination of the Notes or the Guarantee: The Notes and the Guarantee may be structurally subordinated to Deutsche Annington Group's debt to the extent such debt is secured by assets that are not also securing the Notes. • Risks relating to the restrictions on the Issuer and the Guarantor under the Notes and the Guarantee: The Notes and the Guarantee contain only limited restrictive covenants restricting Deutsche Annington Group's ability to incur additional debt, create liens or take other action that could negatively impact the Holders. These restrictions may nonetheless allow the Guarantor and its subsidiaries to incur significant additional (secured or unsecured) indebtedness, to grant additional security for the benefit of existing and future indebtedness and to enter into transactions, including reorganizations, mergers, acquisitions and other similar corporate transactions that may adversely affect the Holders. • Transaction costs/charges: Incidental costs may significantly reduce or eliminate any profit from holding the Notes. • Taxation: Potential purchasers and sellers of the Notes should be aware that they may be required to pay taxes or other documentary charges or duties. • Risk of change in market value: The Holders of Notes are exposed to the risk of an unfavourable development of market prices of their Notes if the holders sell the Notes prior to the maturity of such Notes. • Volatile trading market: The market for debt securities issued by the Issuer is influenced by a number of interrelated factors and the price at which a Holder will be able to sell its Notes prior to maturity may be substantially below the issue price or the purchase price paid by such Holder.

Element Section D – Risk specific to the Notes

• Risk of change in rating: The market price and the market value of the Notes are influenced, among other things, by the credit standing of the Guarantor and by a number of other factors including but not limited to the outlook and expectation of the markets, interest on the market, the rate of returns, and the remaining time to maturity of the Notes. • Change of law: The Terms and Conditions of the Notes are based on the German law in effect as at the date of this Prospectus. No assurance can be given as to the impact of any possible judicial decision or change to German law or administrative practice or the official application or interpretation of German law after the date of this Prospectus. • Independent Review and Advice: Without independent review and advice, an investor may not adequately understand the risks inherent with an investment in the Notes and may lose parts or all of his capital invested without taking such or other risks into consideration before investing in the Notes. • Change of Control: Although the occurrence of specific change of control events will permit Holders to require redemption or repurchase of the Notes, the Issuer may not be able to redeem or repurchase such Notes or the Guarantor to make a payment on the Guarantee. • Event of Default: In case of certain Events of Default, each series of Notes will only be redeemable if Holders of at least 10 per cent of the aggregate principal amount of the respective series of Notes then outstanding declare their Notes due and payable and the validity of such acceleration has not been rejected by majority resolution of the Holders of such series of Notes. • Resolutions of Holders: The Terms and Conditions of the relevant Notes or the Guarantee may be amended or other measures relating to the Notes or the Guarantee may be taken by majority resolution of the Holders of such Notes and a Holder is subject to the risk of being outvoted. Majority resolutions may be contested by Holders and, thus, the implementation of a majority decision could be significantly delayed or fail. • Holders' Representative: If a Holders' Representative has been appointed by a majority resolution of the Holders, it is possible that a Holder may be deprived of its individual right to pursue and enforce its rights under the Terms and Conditions against the Issuer. • Foreign Currency Notes: A Holder of Notes denominated in a foreign currency is particularly exposed to the risk of changes in currency exchange rates. • Currency risks: If an investor's financial activities are denominated principally in a currency other than the specified currency of a Series of Notes, it must be aware of the foreign exchange risks associated with investment in the Notes. • FATCA: The U.S. "Foreign Account Tax Compliance Act" (or "FATCA") imposed a reporting regime and, potentially, a 30 per cent. withholding tax with respect to certain payments. Each holder of Notes should consult its own tax advisor regarding possible impacts in its particular circumstance. • Financial Transactions Tax: On 14 February 2013, the European Commission published a proposal for a directive for a common financial transactions tax ("FTT") in Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia. The FTT proposed by the European Commission could, if introduced, apply to certain dealings in the Notes in certain circumstances. As a result, Holders may be burdened with additional costs for the execution of transactions with the Notes.

Element Section E - Offer of the Notes

E.2b Reasons for the offer [●] and use of proceeds when different from making profit and/or hedging certain risks E.3 A description of the [insert aggregate principal amount] terms and conditions [insert issue price] of the offer [insert minimum subscription size] [insert type of distribution] [insert start and end of marketing or subscription period] [insert any underwriting or distribution by dealers or distributors] [insert other or further conditions to which the offer is subject] E.4 Any interest that is [●] material to the issue/offer including conflicting interests E.7 Estimated expenses [●] charged to the investor by the issuer or the offeror

GERMAN TRANSLATION OF THE SUMMARY

DEUTSCHE ÜBERSETZUNG DER ZUSAMMENFASSUNG

Zusammenfassungen bestehen aus vorgeschriebenen Angaben, die als "Punkte" bezeichnet sind. Diese Punkte sind in Abschnitte mit der Bezeichnung A - E (A.1 - E.7) unterteilt und nummeriert.

Diese Zusammenfassung (die "Zusammenfassung") enthält alle Punkte, die in eine Zusammenfassung für diese Art von Schuldverschreibungen und Emittentin aufzunehmen sind. Da einige Punkte nicht zu berücksichtigen sind, kann die Nummerierung Lücken aufweisen.

Auch wenn ein Punkt wegen der Art der Schuldverschreibungen und der jeweiligen Emittentin in die Zusammenfassung aufgenommen werden muss, ist es möglich, dass bezüglich dieses Punktes keine relevanten Angaben gemacht werden können. In einem solchen Fall ist in der Zusammenfassung eine kurze Beschreibung des Punktes mit dem Vermerk "entfällt" enthalten.

Punkt Abschnitt A - Einleitung und Warnhinweise

A.1 Warnhinweise Die Zusammenfassung sollte als Einleitung zum Prospekt verstanden werden. Der Anleger sollte sich bei jeder Entscheidung in die Schuldverschreibungen zu investieren, auf den Prospekt als Ganzen stützen. Ein Anleger, der wegen der in dem Prospekt enthaltenen Angaben Klage einreichen will, muss nach den nationalen Rechtsvorschriften seines Mitgliedstaats möglicherweise für die Übersetzung des Prospekts aufkommen, bevor das Verfahren eingeleitet werden kann. Zivilrechtlich haftet nur die Emittentin und die Garantin, die die Zusammenfassung samt etwaiger Übersetzungen vorgelegt und übermittelt hat, und dies auch nur für den Fall, dass die Zusammenfassung verglichen mit den anderen Teilen des Prospekts irreführend, unrichtig oder inkonsistent ist oder verglichen mit den anderen Teilen des Prospekts wesentliche Angaben, die in Bezug auf Anlagen in die betreffenden Wertpapiere für die Anleger eine Entscheidungshilfe darstellen, vermissen lassen. A.2 Zustimmung zur [Jeder Platzeur und/oder jeder weitere Finanzintermediär, der die Verwendung des emittierten Schuldverschreibungen weiter veräußert oder endgültig Prospektes platziert, ist berechtigt, den Prospekt innerhalb der Angebotsfrist für die spätere Weiterveräußerung oder endgültige Platzierung der Schuldverschreibungen vom [●] bis [●] [im Großherzogtum Luxemburg] [,] [und] [in der Bundesrepublik Deutschland] [,] [und] [in der Republik Österreich] [und] [in den Niederlanden] zu verwenden, vorausgesetzt jedoch, dass der Prospekt in Übereinstimmung mit Artikel 11 des Luxemburger Wertpapierprospektgesetzes (Loi relative aux prospectus pour valeurs mobilières), welches die Richtlinie 2003/71/EG des Europäischen Parlaments und des Rates vom 4. November 2003 (geändert durch Richtlinie 2010/73/EU des Europäischen Parlaments und des Rates vom 24. November 2010) umsetzt, noch gültig ist. Der Prospekt darf potentiellen Investoren nur zusammen mit sämtlichen bis zu dem Zeitpunkt der Übermittlung veröffentlichten Nachträgen

Punkt Abschnitt A - Einleitung und Warnhinweise

übermittelt werden. Jeder Nachtrag zum Prospekt kann in elektronischer Form auf der Internetseite der Luxemburger Börse (www.bourse.lu) und der Internetseite der Deutsche Annington (www.deutsche-annington.com) eingesehen werden. Bei der Nutzung des Prospektes hat jeder Platzeur und/oder jeder weiterer Finanzintermediär sicherzustellen, dass er alle anwendbaren, in den jeweiligen Jurisdiktionen geltenden Gesetze und Rechtsvorschriften beachtet. Für den Fall, dass ein Platzeur und/oder ein weiterer Finanzintermediär ein Angebot macht, informiert dieser Platzeur und/oder weitere Finanzintermediär die Anleger zum Zeitpunkt der Angebotsvorlage über die Angebotsbedingungen der Schuldverschreibungen.] [Entfällt. Die Emittentin stimmt der Verwendung des Prospektes nicht zu.]

Punkt Abschnitt B - Deutsche Annington Finance B.V.

B.1 Gesetzliche und Deutsche Annington Finance B.V. ist gleichzeitig die gesetzliche und die kommerzielle kommerzielle Bezeichnung. Bezeichnung B.2 Sitz, Rechtsform, Die Emittentin ist eine nach niederländischem Recht errichtete geltendes Recht, Gesellschaft mit beschränkter Haftung (besloten vennootschap met Land der Gründung beperkte aansprakelijkheid). Der eingetragene Sitz der Emittentin befindet sich in Vondelstraat 73, 1054 Amsterdam, Niederlande. B.4b Bereits bekannte Entfällt. Es gibt keine bekannten Trends, die sich auf die Emittentin und Trends, die sich auf die Branchen, in denen sie tätig ist, auswirken. die Emittentin und die Branchen, in denen sie tätig ist, auswirken B.5 Beschreibung der Die Emittentin ist eine hundertprozentige direkte Tochtergesellschaft der Gruppe und der Deutschen Annington Immobilien SE (die "Garantin") und hat keine Stellung der eigenen Tochtergesellschaften. Emittentin innerhalb dieser Gruppe B.9 Gewinnprognosen Entfällt. Es liegen keine Gewinnprognosen oder-schätzungen vor. oder-schätzungen B.10 Art etwaiger Entfällt. Die Bestätigungsvermerke für die Jahresabschlüsse zum Beschränkungen im 31. Dezember 2014 und zum 31. Dezember 2013 enthalten keine Bestätigungsvermerk Einschränkungen. zu den historischen Finanzinformationen

Punkt Abschnitt B - Deutsche Annington Finance B.V.

B.12 Ausgewählte wesentliche historische Finanzinformationen der Emittentin In der nachstehenden Tabelle sind ausgewählte Finanzinformationen der Emittentin aufgeführt. Die Finanzinformationen wurden den geprüften Jahresabschlüssen der Emittentin zum 31. Dezember 2013 und zum 31. Dezember 2014 entnommen. Die Jahresabschlüssen sind gemäß den allgemein anerkannten Grundsätzen der Rechnungslegung in den Niederlanden erstellt worden. Bilanz Zum Zum 31. Dezember 2014 31. Dezember 2013 (in EUR Tausend) (geprüft) Sachanlagen ...... 4.778.749 2.529.683 Langfristige Vermögenswerte...... 73.997 23.620 Summe Aktiva ...... 4.852.746 2.553.303 Eigenkapital ...... (16.021) (4.974) Langfristige Verbindlichkeiten Hybridanleihe ...... 993.034 - Anleihen...... 3.795.518 2.507.856 Derivate Finanzverbindlichkeiten ...... - 24.657 Gesamte langfristige Verbindlichkeiten ...... 4.788.552 2.532.513 Kurzfristige Verbindlichkeiten ...... 80.215 25.764

Summe Passiva ...... 4.852.746 2.553.303

Trendinformation Die Aussichten der Emittentin haben sich seit dem 31. Dezember 2014 nicht wesentlich nachteilig verändert. Wesentliche Veränderungen in der Finanzlage und Handelsposition Entfällt. Es hat seit dem 31. Dezember 2014 keine wesentlichen Veränderungen in der Finanzlage und Handelsposition der Emittentin gegeben. B.13 Jüngste Entwicklungen Nicht anwendbar. Es hat im Bezug auf die Emittentin keine jüngsten Entwicklungen gegeben, die für die Beurteilung der Kreditwürdigkeit der Emittentin von Relevanz sind. B.14 Angabe zur Siehe Punkt B.19 B.5 für Angaben zur Beschreibung der Gruppe. Abhängigkeit von Entfällt. Die Emittentin ist eine hundertprozentige Tochtergesellschaft anderen Unternehmen der Garantin und hat keine eigenen Tochtergesellschaften. Die der Gruppe Emittentin ist vollständig abhängig von der Garantin. B.15 Haupttätigkeiten Die Emittentin handelt als Finanzierungstochter der Garantin. Die Haupttätigkeit der Emittentin besteht in der Gewährung von Darlehen an Mitglieder der Gruppe, die sie aus am Kapitalmarkt aufgenommenen Mitteln, Bankdarlehen und Darlehen von anderen Unternehmen der Gruppe finanziert.

Punkt Abschnitt B - Deutsche Annington Finance B.V.

B.16 Hauptanteilseigner Die Garantin ist alleinige Anteilseignerin der Emittentin. Die Emittentin wird insofern indirekt kontrolliert durch die Hauptanteilseigner der Garantin (siehe Abschnitt B - Deutsche Annington Immobilien SE - Punkt B.19 B.16). B.17 Kreditratings der Entfällt. Die Emittentin ist nicht geratet. Emittentin oder ihrer [Entfällt. Die Schuldverschreibungen haben kein Rating.][Die Schuldtitel Schuldverschreibungen haben ein [Rating einfügen] Rating von [Ratingagentur(en) einfügen] erhalten.] B.18 Art und Umfang der Die von der Emittentin begebenen Schuldverschreibungen profitieren Garantie von einer Garantie (die "Garantie") der Garantin für die Zahlung von Kapital und Zinsen auf die Schuldverschreibungen. Die Garantie begründet eine unwiderrufliche, nicht besicherte und nicht nachrangige Verpflichtung der Garantin, die mit allen sonstigen unbesicherten und nicht nachrangigen Verpflichtungen der Garantin mindestens im gleichen Rang steht. Die Bedingungen der Garantie enthalten auch eine Negativverpflichtung der Garantin. Die Garantie unterliegt deutschem Recht. Die Garantie ist ein Vertrag zu Gunsten der Gläubiger der Schuldverschreibungen (die "Gläubiger") als begünstigte Dritte gemäß § 328 Absatz 1 BGB.

Punkt Abschnitt B - Deutsche Annington Immobilien SE

B.19 Gesetzliche und Die gesetzliche Bezeichnung der Garantin ist Deutsche Annington B.1 kommerzielle Immobilien SE. Bezeichnung Die Gruppe agiert unter der kommerziellen Bezeichnung "Deutsche Annington". B.19 Sitz, Rechtsform, Der eingetragene Sitz der Garantin befindet sich in der Münster Straße B.2 geltendes Recht, Land 248, 40470 Düsseldorf, Bundesrepublik Deutschland. Die Garantin ist der Gründung eine nach deutschem und europäischem Recht errichtete und in Deutschland gegründete Europäische Gesellschaft (Societas Europaea - SE). B.19 Bereits bekannte Die Gruppe sowie die gesamte deutsche Immobilienbranche sind stark B.4b Trends, die sich auf die von aktuellen und voraussichtlichen demographischen Trends betroffen, Garantin und die insbesondere einem Bevölkerungsschwund, einem Anstieg der Zahl von Branchen, in denen sie Haushalten mit einer niedrigeren durchschnittlichen Haushaltsgröße tätig ist, auswirken sowie einer alternden Bevölkerung. Diese Trends haben dazu geführt und werden voraussichtlich weiterhin dazu führen, dass ein Anstieg der Nachfrage nach Wohnbeständen für Ein- bis Zweipersonen-Haushalte oder für seniorenfreundliches Wohnen besteht. Die Gruppe sowie die Immobilienbranche sind auch von wirtschaftlichen Entwicklungen in Deutschland betroffen. Deutsche Annington generiert zwei wesentliche Einkommensarten: Mieteinnahmen und Einnahmen aus Immobilienverkäufen, die beide sehr von den Marktpreisen für Immobilien beeinflusst werden, welche wiederrum Mietniveaus, Leerstände und andere Faktoren, einschließlich Markterwartungen widerspiegeln. Seit 2010 werden die deutsche

Punkt Abschnitt B - Deutsche Annington Immobilien SE

Wohnimmobilienbranche und die Ergebnisse der Gruppe positiv von den Entwicklungen im Immobilienmarkt beeinflusst. B.19 Beschreibung der Die Garantin ist die Holding-Gesellschaft der Gruppe. Die B.5 Gruppe und der Geschäftstätigkeit der Garantin wird in erster Linie durch die Stellung der Garantin entsprechenden Tochtergesellschaften durchgeführt. In dem folgenden innerhalb dieser Schaubild ist eine aktuelle Zusammenfassung (in vereinfachter Form) Gruppe der wesentlichen Tochtergesellschaften der Garantin unter Berücksichtigung des durchgerechneten Beteiligungsanteils dargestellt. Die dargestellten Beteiligungen umfassen auch Anteile an verbundenen Gesellschaften gemäß §§ 15 ff. Aktiengesetz. Die Kommanditgesellschaften der Gruppe werden über Dritterwerberstrukturen gehalten. Aufgrund der angewandten Berechnungsmethode sind diese in dem folgenden Schaubild nicht dargestellt. Die unten angegebenen Beteiligungen sind auf zwei Nachkommastellen gerundet. Der grau unterlegte Bereich stellt die Finanzierungsgruppe dar, zu der die betreffenden Gesellschaften gehören.

Vereinfachte Konzernstruktur

(Teilweise) indirekte Beteiligung Deutsche Annington Immobilien SE

100,0 % 100,0 % 100,0 % 100,0 % 100,0 % Frankfurter Deutsche Annington Deutsche Annington Deutsche Annington Viterra Holdings Eins Siedlungsgesellschaft Acquisition Holding Holdings Vier GmbH Holdings Eins GmbH GmbH mbH (FSG) GmbH 100,0 % 100,0 % 100,0 % 51,0 % Deutsche Annington Deutsche Annington Viterra Holdings Zwei Beamten- Deutsche TGS GmbH 94,9 % Holdings Fünf GmbH Holgings Zwei GmbH GmbH Baugesellschaft Bremen Gesellschaft mit 100,0 % 100,0 % beschränkter Haftung Prima Wohnbauten 94,9 % Baugesellschaft Bayern Privatisierungs- DA DMB Netherlands B.V. mbH Management GmbH 94,9 % Kieler Wohnungsbau- gesellschaft mit beschränkter Haftung Financing cluster PRIMA 100,0 % Deutsche Annington DMB 94,9 % Bundesbahn- Eins GmbH Wohnungsbaugesellschaft Kassel Gesellschaft mit beschränkter Haftung Bremische Gesellschaft für Stadterneuerung, 100,0 % 100,0 % 94,9 % Stadtentwicklung und Deutsche Annington Wohnungsbau mit Deutsche Annington Beteiligungsverwaltungs beschränkter Haftung Heimbau GmbH GmbH

100,0 % 94,9 % Deutsche Annington MIRA Grundstücks- Immobilien- gesellschaft mbH Dienstleistungen GmbH

B.19 Gewinnprognosen Entfällt. Es liegen keine Gewinnprognosen oder -schätzungen vor. B.9 oder-schätzungen B.19 Art etwaiger Entfällt. Die Bestätigungsvermerke für die geprüften konsolidierten B.10 Beschränkungen im Jahresabschlüsse für die zum 31. Dezember 2013 bzw. 31. Dezember 2014 Bestätigungsver- endenden Geschäftsjahre enthalten keine Einschränkungen. merk zu den historischen Finanzinformationen

Punkt Abschnitt B - Deutsche Annington Immobilien SE

B.19 Ausgewählte wesentliche historische Finanzinformationen der Garantin B.12 In der nachstehenden Tabelle sind ausgewählte Finanzinformationen der Garantin aufgeführt. Die Finanzinformationen wurden den geprüften konsolidierten Jahresabschlüssen der Garantin für die zum 31. Dezember 2013 bzw. 31. Dezember 2014 endenden Geschäftsjahre. Die geprüften konsolidierten Jahresabschlüsse für die am 31. Dezember 2013 bzw. 31. Dezember 2014 endenden Geschäftsjahre sind gemäß den International Financial Reporting Standards ("IFRS"), wie sie von der Europäischen Union übernommen wurden, und den ergänzend nach § 315a Abs. 1 HGB anzuwendenden handelsrechtlichen Vorschriften erstellt worden. Sind Finanzinformationen in der nachstehenden Tabelle als "geprüft" gekennzeichnet, so bedeutet dies, dass sie den geprüften konsolidierten Jahresabschlüssen der Garantin für die zum 31. Dezember 2013 bzw. 31. Dezember 2014 endenden Geschäftsjahre entnommen oder daraus abgeleitet wurden. Konzern-Gewinn-und-Verlustrechnung Für das Geschäftsjahr endend am 31. Dezember 2014 2013 (in EUR Millionen) (geprüft) Erlöse aus der Immobilienbewirtschaftung ...... 1.156,6 1.067,6 Ergebnis aus der Veräußerung von Immobilien (IFRS) ...... 69,0 52,0 Ergebnis aus der Bewertung von Investment Properties ...... 371,1 553,7 Aktivierte Modernisierungsleistungen ...... 85,6 42,0 Materialaufwand ...... (542,6) (502,8) Personalaufwand ...... (184,6) (172,1) Abschreibungen ...... (7,4) (6,8) Sonstige betriebliche Erträge ...... 65,3 45,8 Sonstige betriebliche Aufwendungen ...... (152,4) (104,2) Finanzerträge ...... 8,8 14,0 Finanzaufwendungen ...... (280,3) (299,6) Ergebnis vor Steuern ...... 589,1 689,6 Ertragssteuern ...... (179,4) (205,4) Periodenergebnis...... 409,7 484,2

Punkt Abschnitt B - Deutsche Annington Immobilien SE

Konzernbilanz Zum 31. Dezember 2014 2013 (in EUR Millionen) (geprüft) Langfristige Vermögenswerte ...... 12.980,0 10.352,6 Kurzfristige Vermögenswerte ...... 1.779,2 740,2 Summe Aktiva ...... 14.759,2 11.092,8 Eigentkapitalanteil der Anteilseigner der Garantin 4.932,6 3.805,5 Eigenkapital der Hybridkapitalgeber 1.001,6 - Nicht beherrschende Anteile ...... 28,0 12,5 Eigenkapital ...... 5.962,2 3.818,0 Langfristige Schulden ...... 8.292,4 6.830,7 Kurzfristige Schulden ...... 504,1 444,1 Schulden ...... 8.797,0 7.274,8 Summe Passiva ...... 14.759,2 11.092,8

Trendinformation Die Aussichten der Garantin haben sich seit dem 31. Dezember 2014 nicht wesentlich nachteilig verändert. Wesentliche Veränderungen in der Finanzlage und Handelsposition Mit Ausnahme der Begebung des Übernahmeangebots (wie unter Element B.13, B.19 beschrieben), hat es seit dem 31. Dezember 2014 keine wesentlichen Veränderungen in der Finanzlage und Handelsposition der Garantin gegeben. B.19 Jüngste Der mit CitCor im August 2014 geschlossene Kaufvertrag über den B.13 Entwicklungen Erwerb von rund 5.000 Wohneinheiten und rund 210 Gewerbeeinheiten wurde im Dezember 2014 teilweise aufgehoben, und die Garantin und diverse Gesellschaften der CitCor haben sich im Wege eines gemischten Asset und Share Deals auf den Erwerb von 94,9 % bestimmter bestandshaltender Gesellschaften der CitCor geeinigt. Es wird erwartet, dass vor dem Vollzug der Transaktionen eine Gewerbeeinheit in rund 100 Wohneinheiten umgewandelt werden wird. Dies würde bedeuten, dass rund 5.100 Wohneinheiten und rund 210 Gewerbeeinheiten erworben werden. Der Vollzug beider Transaktionen mit einem Gesamtkaufpreis von ca. EUR 320 Mio. wird voraussichtlich zum 1. April 2015 erfolgen. Die Garantin veröffentlichte am 1. Dezember 2014 ihre Absicht, ein Übernameangebot für den Erwerb sämtlicher Aktien der Gagfah S.A. (die "Aktien der Gagfah") im Wege eines kombinierten Bar- und Tauschangebots gegen Aktien der Garantin die zu diesem Zweck ausgegeben werden (die "DA-Angebotsaktien") und eine Barzahlung zu unterbreiten (das "Übernahmeangebot"). Die Angebotsunterlage wurde am 19. Dezember 2014 veröffentlicht. Das Bundeskartellamt hat am 28. Januar 2015 den Vollzug des Übernahmeangebots freigegeben. Bis zum Ende der weiteren Annahmefrist nach § 16 Abs. 2 Satz 1 des Wertpapiererwerbs- und Übernahmegesetzes (WpÜG), die am 9. Februar 2015, 24:00 Uhr MEZ, endete, wurde das Übernahmeangebot für 230.954.655 Aktien der Gagfah bzw. 93,8 % der Aktien der Gagfah

Punkt Abschnitt B - Deutsche Annington Immobilien SE

angenommen. Dementsprechend hat die Garantin am 6. März 2015 218.569.096 angediente Aktien der Gagfah erhalten. Auf der Grundlage der Angebotsgegenleistung in Höhe von EUR 122,52 und 5 DA- Angebotsaktien für je 14 Aktien der Gagfah hat die gesamte Angebotsgegenleistung EUR 2.021.183.166,48 und 82.483.803 DA- Angebotsaktien betragen. Nach luxemburgischem Übernahmerecht sind die verbliebenen Aktionäre der Gagfah S.A. berechtigt, von der Deutschen Annington den Kauf ihrer Aktien der Gagfah zu einem angemessenen Preis zu verlangen, der (nach Wahl des jeweiligen verbliebenen Aktionärs der Gagfah S.A.) bestehen wird aus: (i) einer kombinierten baren und in Aktien der Deutschen Annington zu erfolgenden Gegenleistung, die der Gegenleistung des Übernahmeangebots entspricht, oder alternativ (ii) einer rein baren Gegenleistung, die derzeit unter Aufsicht der Luxemburgischen Finanzaufsicht (Commission de Surveillance du Secteur Financier) festgelegt wird (das "Andienungsrecht"). Nach luxemburgischem Übernahmerecht kann das Andienungsrecht in einem Zeitraum von drei Monaten ab dem Ende der weiteren Annahmefrist des Übernahmeangebots, also bis zum 10. Mai 2015, ausgeübt werden. Nach Abschluss der Transaktion wird das neue kombinierte Portfolio rund 343.000 Wohneinheiten umfassen. Für das Geschäftsjahr 2015 erwartet die Deutsche Annington, aus ihrem Privatisierungsportfolio rund 1.600 Wohnungsverkäufe mit einem Zeitwert-Step-up von ca. 30 % zu realisieren. Des Weiteren plant sie im Geschäftsjahr 2015 den opportunistischen Verkauf von Wohneinheiten in dem Bereich Non-Core zum Marktwert fortzusetzen. Die monatliche Istmiete pro m2 (einschließlich des Vitus-Portfolios) belief sich am 31. Dezember 2014 auf EUR 5,58 pro Quadradmeter. Ohne die Einflüsse der DeWAG- und Vitus Portfolio-Zukäufe, hätte sich die monatliche Istmiete pro m2 zum 31. Dezember 2014 auf EUR 5,55 belaufen, was einer Steigerung like-for-like (ohne Portfolioveränderungen der Garantin gegenüber dem Vorjahr) von 2,5 % entspräche. Die Leerstandsquote fiel leicht von 3,5 % zum Ende des Geschäftsjahres 2013 auf 3,4% zum Ende des Geschäftsjahres 2014. Die Mieteinnahmen – unter Berücksichtigung der erworbenen DeWAG Bestände und des Vitus Portfolios – belaufen sich für das zum 31. Dezember 2014 endende Geschäftsjahr auf EUR 789,3 Mio. Für das Geschäftsjahr 2015 erwartet der Konzern eine Steigerung der Istmiete like-for-like zwischen 2,6 % und 2,8 %, was einer Gesamtsteigerung der Mieteinnahmen von rund EUR 100 Mio. auf zwischen EUR 880 Mio. und EUR 900 Mio. entsprechen würde. Des Weiteren erwartet die Deutsche Annington eine weitere leichte Reduzierung der Leerstandsquote auf rund 3,3 %. Das laufende Investitionsprogramm mit dem Ziel der Verbesserung des Wohnungsbestands trägt weiterhin Früchte. Dabei konzentriert sich Deutsche Annington darauf, ihre Bestände kontinuierlich und nachhaltig zu verbessern. Deutsche Annington investierte mehr als EUR 170,0 Mio. in ihr umfassendes Modernisierungsprogramm und weitere

Punkt Abschnitt B - Deutsche Annington Immobilien SE

Modernisierungsmaßnahmen. Am Ende des Jahres 2014 hatte die Deutsche Annington mehr als 5.000 Wohnungen energetisch saniert und mehr als 2.900 Einheiten seniorengerecht umgebaut. Damit erhöhte sich die Quote energetischer Sanierungen im Geschäftsjahr 2014 auf mehr als 3,0 %. Insgesamt investierte Deutsche Annington in diesem Zeitraum mehr als EUR 345,0 Mio. in die Modernisierung und Instandhaltung (einschließlich kapitalisierter Instandhaltung) des Immobilienbestands der Gruppe. Für das Geschäftsjahr 2015 plant die Deutsche Annington mehr als EUR 200 Mio. unter ihrem laufenden Investitionsprogramm und weitere ca. EUR 200 Mio. für Instandhaltungen (einschließlich kapitalisierter Instandhaltung) zu investieren, woraus sich insgesamt geplante Investitionen von mehr als EUR 400 Mio ergeben. Am 10. März 2015 hat Standard & Poor's Credit Market Services Europe Limited ("Standard & Poor's") 3 das langfristige Unternehmens- Kreditrating der Deutschen Annington von "BBB" auf "BBB+" angehoben. B.19 Angabe zur Siehe Punkt B.19 B.5 für Angaben zur Beschreibung der Gruppe. B14 Abhängigkeit von Entfällt. Die Garantin ist die Obergesellschaft der Deutsche Annington anderen Unternehmen Gruppe und es bestehen keine Abhängigkeiten von anderen Unternehmen der Gruppe der Deutsche Annington Gruppe. B.19 Haupttätigkeiten Aufgrund ihrer internen Marktanalyse ist Deutsche Annington der B.15 Auffassung, dass sie gemessen am Verkehrswert ihres Immobilienportfolios und der Anzahl Wohneinheiten das größte Wohnungsunternehmen im privatwirtschaftlichen Sektor in Deutschland ist. Demzufolge ist Deutsche Annington auch eine der zehn größten börsennotierten europäischen Immobiliengesellschaften und die größte börsennotierte deutsche Wohnimmobiliengesellschaft. Zum 31. Dezember 2014 umfasste das Immobilienportfolio der Gruppe 203.028 Wohneinheiten, 49.508 Garagen und Stellplätze sowie 1.471 gewerbliche Einheiten und wurde mit EUR 12,8 Mrd. (Verkehrswert) bewertet. Im April 2014 hat Deutsche Annington die Übernahme des von der DeWAG ("DeWAG") bewirtschafteten Immobiliengeschäfts und am 1. Oktober 2014 die Übernahme der Vitus Real Estate Group (die "Vitus- Gruppe" und die "Übernahme der Vitus-Gruppe") vollzogen. Nach dem Verkauf von Teilen des Portfolios am 9. Oktober 2014, das im Zuge der Übernahme der Vitus Gruppe aufgekauft worden war, ergeben beide Transaktionen zusammen zum 31. Dezember 2013 ein Gesamtportfolio von rund 31.700 Einheiten zu einem Gesamtkaufpreis von etwa EUR 2,0 Mrd. Am 29. August 2014 schloss Deutsche Annington einen Kaufvertrag über den Erwerb von rund 5.000 Wohneinheiten und rund 210 Gewerbeeinheiten in Berlin und Ostdeutschland mit diversen

3 Standard & Poor's hat seinen Sitz in der Europäischen Gemeinschaft und ist gemäß der Verordnung (EG) Nr. 1060/2009 des Europäischen Parlaments und des Rates vom 16 September 2009 über Ratingagenturen, in der jeweils aktuellen Fassung (die Ratingverordnung), registriert. Die Europäische Wertpapier- und Marktaufsichtsbehörde veröffentlicht auf ihrer Internetseite (www.esma.europa.eu/page/list- registered-and-certified-CRAs) ein Verzeichnis der nach der Ratingverordnung registrierten Ratingagenturen. Dieses Verzeichnis wird innerhalb von fünf Werktagen nach Annahme eines Beschlusses gemäß Artikel 16, 17 oder 20 der Ratingverordnung aktualisiert. Die Europäische Kommission veröffentlicht das aktualisierte Verzeichnis im Amtsblatt der Europäischen Union innerhalb von 30 Tagen nach der Aktualisierung.

Punkt Abschnitt B - Deutsche Annington Immobilien SE

Gesellschaften der CitCor Residential Group, einem Gemeinschaftsunternehmen von Citigroup Property Investors und CORPUS SIREO, ("CitCor"). Dieser wurde im Dezember 2014 teilweise aufgehoben und zwischen der Garantin und diversen Gesellschaften der CitCor der Erwerb von 94,9 % bestimmter bestandshaltender Gesellschaften der CitCor (solcher Gesellschaften die einige der oben genannten Immobilien halten) durch die Garantin vereinbart. Vor Vollzug der Transaktionen wird voraussichtlich eine Gewerbeeinheit in etwa 100 Wohneinheiten umgebaut, woraufhin etwa 5.100 Wohneinheiten und etwa 210 Gewerbeeinheiten erworben werden. Der Vollzug beider Transaktionen mit einen Gesamtkaufpreis von ca. EUR 320 Mio. (zusammen die "Franconia Transaktionen") wird voraussichtlich zum 1. April 2015 erfolgen. Alle Gebäudeeinheiten und Geschäftstätigkeiten der Gruppe befinden sich in Deutschland und profitieren von dem positiven Wachstum der deutschen Wirtschaft im Allgemeinen und dem Wachstum des deutschen Immobilienmarktes, welche beide widerstandsfähiger gegenüber schwierigen wirtschaftlichen Bedingungen geblieben sind als die meisten anderen Volkswirtschaften und Industriebereiche. Zudem profitiert Deutsche Annington von dem demografischen Trend zu Ein- und Zweipersonenhaushalten, welcher besonders stark in den deutschen Metropolregionen erwartet wird (Quelle: BBSR – Regionalplanung 2030), und einer alternden Bevölkerung. Angesichts einer bundesweiten durchschnittlichen Mietwohnungsgröße von 69,4 m² und einer durchschnittlichen Eigentumswohnungsgröße von 121,9 m² im Jahr 2013 glaubt Deutsche Annington mit ihrer durchschnittlichen Wohnungsgröße von 63 m² und zwei bis drei Zimmern je Einheit gut aufgestellt zu sein, um die wachsende Nachfrage nach Einheiten für kleinere Haushalte zu decken (Quelle: Statistisches Bundesamt, Wohnen). Darüber hinaus ist der deutsche Markt für Wohnimmobilien durch eine geringe Mietermobilität und lange Vertragslaufzeiten gekennzeichnet, welche zu einer höheren Stabilität des Geschäfts mit Mietwohnungen führt. Zum 31. Dezember 2014 betrug die Leerstandsquote der Gruppe rund 3,4 %, und die monatliche Istmiete lag bei EUR 5,58 pro m². Bei ihrer Portfolioverwaltung verfolgt Deutsche Annington eine disziplinierte Herangehensweise und hat eine gute Wertschöpfungsbilanz vorzuweisen. Deutsche Annington unterteilt ihren Gesamtwohnungsbestand in fünf Teilbereiche (i) Aktives Management, (ii) Gebäudemodernisierung (energieeffizienzzfördernde Maßnahmen, die von der Gruppe durchgeführt werden um den wirtschaftlichen Wert der Immobilien zu verbessern), (iii) Wohnungsmodernisierung (seniorengerechtes Wohnen/andere größere Modernisierungen von Wohneinheiten), (iv) Privatisierung und (v) Non-Core. Für jeden dieser Teilbereiche verfolgt Deutsche Annington eine klare Strategie. Gemessen am Verkehrswert (Fair Value) waren zum 31. Dezember 2014 97 % des Gesamtwohnungsbestands den Core-Beständen zuzurechnen, bei denen Deutsche Annington annimmt, Mehrwert schaffen zu können. Nur 3 % des Gesamtwohnungsbestands wurden als Non-Core-Aktiva mit

Punkt Abschnitt B - Deutsche Annington Immobilien SE

unzureichenden mittel- bis langfristigen Wachstumsaussichten angesehen. Deutsche Annington plant, diese Non-Core-Aktiva mittelfristig zu Preisen um den Verkehrswert zu verkaufen. In Bezug auf ihre Core-Bestände beabsichtigt Deutsche Annington, Mehrwert durch drei Hauptmaßnahmen zu schaffen: • operative Wertschöpfung durch zum Beispiel Mietsteigerungen, Reduzierung der Leerstände, wirksame und nachhaltige Instandhaltungsausgaben und Kosteneffizienzen durch Skaleneffekte; • zusätzliche Wertschöpfung durch ein zielorientiertes Investitionsprogramm, das hauptsächlich auf energiesparenden Gebäudemodernisierungen, der Modernisierung einzelner Wohnungen zum seniorenfreundlichen Wohnen und der Sanierung zur Erreichung gehobener Wohnstandards auf Märkten, in denen vollständig sanierte Wohnungen Mietaufschläge erzielen, gerichtet ist; und • zusätzliche Wertschöpfung durch die Privatisierung von Eigentumswohnungen und Einfamilienhäusern mit einem Preisaufschlag. Zum 31. Dezember 2014 bildeten diese Bestände gemessen am Verkehrswert 12 % des Gesamtportfolios. In den vergangenen drei Jahren hat Deutsche Annington pro Jahr ca. 2.500 Wohnungen zu einem Durchschnittspreis von mehr als 20 % über dem Verkehrswert verkauft. Die Einnahmen der Privatisierungsverkäufe sowie aus dem Verkauf von Non-Core-Beständen können zur Finanzierung von Investitionen in Wohnbestände, die zur Gebäude- oder Wohnungsaufwertung vorgesehen sind, zur Schuldentilgung, zur Finanzierung von Dividendenzahlungen oder zur Finanzierung von Ankäufen verwendet werden. Auf Basis einer ausgewogenen Mischung von örtlichen und zentralen Betriebsstrukturen betreibt die Gruppe ihr Geschäft auf eine effiziente, integrierte und automatisierte Weise. Während Arbeitsprozesse, bei denen Skaleneffekte erzielt werden, zentralisiert durchgeführt werden, werden Abläufe, die eingehende Kenntnisse eines einzelnen lokalen Markts oder das enge Zusammenwirken mit den Kunden der Gruppe erfordern, durch die 33 lokalen Geschäftseinheiten der Gruppe durchgeführt. Diese Geschäftseinheiten sind in vier Regionen organisiert und befinden sich in der Nähe der Liegenschaften und der Kunden in ganz Deutschland. Die Gruppe macht sich ihre Größe zunutze, um ihre Wohnungsvermietungstätigkeiten durch ausgewählte, werterhöhende Dienstleistungen zu ergänzen und dadurch die Kundenzufriedenheit zu steigern. In Zusammenarbeit mit einer der größten Handwerker- organisationen in Deutschland, der B&O Service & Messtechnik AG, als Partner eines Gemeinschaftsunternehmens hat Deutsche Annington eine Handwerkerorganisation mit zum 31. Dezember 2014 1.760 Beschäftigten gegründet, deren alleinige Aufgabe in der Erbringung von Instandhaltungsarbeiten für das Immobilienportfolio der Gruppe besteht,

Punkt Abschnitt B - Deutsche Annington Immobilien SE

zusätzlich zu einer Hausmeisterorganisation, die Vor-Ort-Dienste erbringt und zum 31. Dezember 2014 425 Mitarbeiter beschäftigte Die mietbezogenen Dienstleistungen reichen von Einsparungen bei Nebenkosten durch Großeinkäufe über das Angebot von Glasfaserfernsehen- und internetzugängen bis zum Aushandeln von Preisnachlässen auf Einkäufe bei ausgewählten Dienstleistern.. Die Gruppe kann relativ große und attraktive Grundstücks- und Immobilienportfolien erwerben, die außerhalb der Reichweite von kleineren Wettbewerbern liegen. Zudem ist Deutsche Annington in der Lage, die erworbenen Einheiten wirtschaftlich erfolgreich in ihr bestehendes Portfolio zu integrieren. Darüber hinaus hat Deutsche Annington Zugang zu Kapitalmarktfinanzierungen, die kleineren Gesellschaften nicht zur Verfügung stehen. B.19 Hauptanteilseigner Zum Datum dieses Prospekts haben die folgenden Aktionäre eine direkte B.16 oder indirekte meldepflichtige Beteiligung an den Namensaktien der Garantin und den Stimmrechten. Die in der nachstehenden Tabelle angegebenen Prozentsätze entsprechen dabei der Anzahl der von dem jeweiligen Aktionär in Bezug auf den angegebenen Stichtag zuletzt der Garantin nach §§ 21 ff. des Wertpapierhandelsgesetzes (WpHG) gemeldeten Stimmrechte im Verhältnis zu dem zum Datum des Prospekts ausgegebenen Grundkapital der Garantin. Dabei ist zu beachten, dass die zuletzt gemeldete Anzahl an Stimmrechten sich seit diesen Stimmrechtsmitteilungen geändert haben könnte, ohne dass der betreffende Aktionär zur Abgabe einer Stimmrechtsmitteilung verpflichtet gewesen wäre, wenn keine meldepflichtigen Schwellenwerte erreicht oder über- oder unterschritten wurden

Unmittelbare oder mittelbare Beteiligung an der Deutsche Annington Immobilien SE (in %) Aktionäre Stimmrechtsanteil

Abu Dhabi Investment Authority(1) .... 11,85

Norges Bank(2) ...... 7,82

BlackRock(3) ...... 7,45

The Wellcome Trust Ltd(4)...... 6,68

Wellington Management Group LLP(5) ...... 3,34

Sun Life Financial (6) 3,12

Lansdowne Partners (7) 3,01

Summe ...... 43,27

(1) Die Aktien werden unmittelbar von der HIP Company Ltd. gehalten. Deren Stimmrechte werden der Abu Dhabi Investment Authority und den Emiraten von Abu Dhabi nach § 22 Abs. 1 Satz 1 Nr. 1 WpHG zugerechnet (jeweiliger Stichtag: 20. Mai 2014). (2) Die Norges Bank ist die Zentralbank von Norwegen und ihre Stimmrechte werden dem norwegischen Staat nach § 22 Abs. 1 Satz 1 Nr. 1 WpHG zugerechnet (jeweiliger

Punkt Abschnitt B - Deutsche Annington Immobilien SE

Stichtag: 25. August 2014). (3) BlackRock, Inc. werden insgesamt 7,45 % der Stimmrechte der Garantin nach § 22 Abs. 1 Satz 1 Nr. 1, 2 und 6 i. V. m. Satz 2 WpHG zugerechnet (Stichtag: 11. Februar 2015). Diese Stimmrechte werden im Übrigen den folgenden Gesellschaften in der jeweils angegebenen Höhe nach verschiedenen Tatbeständen des § 22 Abs. 1 WpHG zugerechnet: BlackRock Holdco 2, Inc. (7,37 %) (Stichtag: 11. Februar 2015); BlackRock Financial Management, Inc. (7,33 %) (Stichtag: 11. Februar 2015); BlackRock Advisors Holdings, Inc. (4,98 %) (Stichtag: 8. Januar 2015); BlackRock International Holdings, Inc. (4,98 %) (Stichtag: 8. Januar 2015); BR Jersey International Holdings L.P. (4,98 %) (Stichtag: 8. Januar 2015); BlackRock Delaware Holdings Inc. (3,33 %) (Stichtag: 11. Februar 2015); BlackRock Holdco 4, LLC (3,33 %) (Stichtag: 11. Februar 2015); BlackRock Holdco 6, LLC (3,33 %) (Stichtag: 11. Februar 2015); BlackRock Investment Management (UK) Limited (2,98 %) (Stichtag: 8. Januar 2015); BlackRock Group Limited (2,86%) (Stichtag: 26. Februar 2015) und BlackRock Luxembourg Holdco S.à r.l. (2,65 %) (Stichtag: 9. Januar 2015). (4) Die Aktien werden unmittelbar von The Wellcome Trust Ltd gehalten (Stichtag: 20. Mai 2014). (5) Die Aktien werden der Wellington Management Group LLP nach § 22 Abs. 1 Satz 1 Nr. 1 und 6, teilweise i. V. m. Satz 2, WpHG zugerechnet (Stichtag: 1. Januar 2015). (6) Sun Life Financial Inc.; Sun Life Global Investments Inc., Sun Life Assurance Company of Canada – U.S. Operations Holdings, Inc., Sun Life Financial (U.S.) Holdings, Inc., Sun Life Financial (U.S.) Investments LLC und Sun Life of Canada (U.S.) Financial Services Holdings, Inc. werden jeweils 3,12 % der Stimmrechte nach § 22 Abs. 1 Satz 1 Nr. 6 i. V. m. Satz 2 WpHG zugerechnet. Der Massachusetts Financial Services Company (MFS) werden 2,85 % der Stimmrechte der Garantin nach § 22 Abs. 1 Satz 1 Nr. 6 i.V.m. Satz 2 WpHG und 0,265 % (insgesamt 3,12 %) nach § 22 Abs. 1 Satz 1 Nr. 6 i. V. m. Satz 2 WpHG zugerechnet (jeweiliger Stichtag: 10. März 2014). (7) 3.01% der Stimmrechte werden (i) Lansdowne Partners (UK) LLP nach § 22 Abs. 1 Satz 1 Nr. 6 WpHG, (ii) Lansdowne Partners Limited nach § 22 Abs. 1 Satz 1 Nr. 6 i. V. m. Satz 2 WpHG und (iii) Lansdowne Partners International Limited nach § 22 Abs. 1 Satz 1 Nr. 1, 2 und 6, teilweise i. V. m. Satz 2, WpHG zugerechnet (jeweiliger Stichtag: 23. Januar 2015).

B.19 Kreditratings der Standard & Poor's 4 hat das langfristige Kreditrating der Garantin auf B.17 Garantin oder ihrer "BBB+" (Ausblick: stabil) festgesetzt. Schuldtitel

Punkt Abschnitt C - Die Schuldverschreibungen

C.1 Gattung und Art der Gattung Schuldverschreibungen / Die Schuldverschreibungen sind nicht besichert. Wertpapierkennnummer [Im Fall von festverzinslichen Schuldverschreibungen, einfügen: Die Schuldverschreibungen werden mit einem festen Zinssatz über die gesamte Laufzeit der Schuldverschreibungen verzinst.] [Im Fall von variabel verzinslichen Schuldverschreibungen, einfügen: Die Schuldverschreibungen werden mit einem Zinssatz verzinst [(angepasst um die anwendbare Marge)], der auf der Basis eines Referenzzinssatzes bestimmt wird, der auf der vereinbarten Bildschirmseite eines Kursdienstes angezeigt wird.]

4 Standard & Poor's hat seinen Sitz in der Europäischen Gemeinschaft und ist gemäß der Verordnung (EG) Nr. 1060/2009 des Europäischen Parlaments und des Rates vom 16 September 2009 über Ratingagenturen, in der jeweils aktuellen Fassung (die Ratingverordnung), registriert. Die Europäische Wertpapier- und Marktaufsichtsbehörde veröffentlicht auf ihrer Internetseite (www.esma.europa.eu/page/list- registered-and-certified-CRAs) ein Verzeichnis der nach der Ratingverordnung registrierten Ratingagenturen. Dieses Verzeichnis wird innerhalb von fünf Werktagen nach Annahme eines Beschlusses gemäß Artikel 16, 17 oder 20 der Ratingverordnung aktualisiert. Die Europäische Kommission veröffentlicht das aktualisierte Verzeichnis im Amtsblatt der Europäischen Union innerhalb von 30 Tagen nach der Aktualisierung.

Punkt Abschnitt C - Die Schuldverschreibungen

ISIN [●] Common Code [●] WKN [●] C.2 Währung Die Schuldverschreibungen sind in [Euro ("EUR")] [U.S. Dollar ("USD")] [●] begeben. C.5 Beschränkungen der freien Entfällt. Es gibt keine Beschränkungen für die freie Übertragbarkeit der Übertragbarkeit der Schuldverschreibungen. Schuldverschreibungen C.8 Mit den Schuldverschreibungen Negativverpflichtung verbundene Rechte, Die Schuldverschreibungen enthalten eine Rangordnung, Beschränkungen Negativverpflichtung der Emittentin und beschreiben die der Rechte Negativverpflichtung der Garantin im Rahmen der Garantie. Besteuerung Alle in Bezug auf die Schuldverschreibungen zu zahlenden Beträge werden ohne Einbehalt oder Abzug von gegenwärtigen oder zukünftigen Steuern oder Abgaben gleich welcher Art gezahlt, die von oder im Namen der Niederlande, ihrer Bundesländer oder einer steuererhebungsberechtigten Gebietskörperschaft oder Steuerbehörde im Wege des Abzugs oder Einbehalts an der Quelle auferlegt oder erhoben werden, es sei denn, ein solcher Abzug oder Einbehalt ist gesetzlich vorgeschrieben. Vorbehaltlich der üblichen Ausnahmen wird in diesem Fall die Emittentin diejenigen zusätzlichen Beträge zahlen, die erforderlich sind, damit die den Gläubigern zufließenden Nettobeträge nach einem solchen Einbehalt oder Abzug jeweils den Beträgen entsprechen, die ohne einen solchen Einbehalt oder Abzug von den Gläubigern erhalten worden wären. Verpflichtungserklärungen der Garantin Beschränkungen für das Eingehen von Finanzverbindlichkeiten Die Garantie beschränkt die Möglichkeit der Garantin, zusätzliche Verbindlichkeiten einzugehen oder Sicherungsrechte an Vermögenswerten zu bestellen. Die Garantin hat sich in der Garantie verpflichtet Finanzverbindlichkeiten nur einzugehen und sicherzustellen, dass ihre Tochtergesellschaften nach dem Begebungstag Finanzverbindlichkeiten nur eingehen, soweit bestimmte Kennzahlen (vorbehaltlich bestimmter Ausnahmen) nicht verletzt werden. Einhaltung des Konsolidierten Deckungsgrads Die Garantin hat sich zudem in der Garantie verpflichtet, dass nach dem Begebungstag der Schuldverschreibungen der konsolidierte Deckungsgrad der Gruppe (der das Verhältnis des Gewinns vor Zinsen, Steuern, Abschreibungen (auf Sachanlagen) und Abschreibungen (auf immaterielle

Punkt Abschnitt C - Die Schuldverschreibungen

Vermögensgegenstände) der Gruppe für einen Zeitraum zu dem Gesamtbetrag der Zinskosten in demselben Zeitraum ist) (vorbehaltlich bestimmter Ausnahmen) nicht unter einen bestimmten Wert fällt. Einhaltung des Gesamtbetrags des Unbelasteten Vermögens Die Garantin hat sich in der Garantie weiterhin verpflichtet, dass ab dem Begebungstag das unbelastete Vermögen der Garantin und ihrer Tochtergesellschaften zu keinem Zeitpunkt (vorbehaltlich bestimmter Ausnahmen) einen festgelegten Wert unterschreitet. Status der Schuldverschreibungen Die Schuldverschreibungen begründen unmittelbare, unbedingte, unbesicherte und nicht nachrangige Verbindlichkeiten der Emittentin, die untereinander und mit allen anderen unbesicherten und nicht nachrangigen Verbindlichkeiten der Emittentin gleichrangig sind, soweit diesen Verbindlichkeiten nicht durch zwingende gesetzliche Bestimmungen ein Vorrang eingeräumt wird. Die Garantin hat eine Garantie (die "Garantie") für die Zahlung von Kapital-, Zins- und sonstigen auf die Schuldverschreibungen zahlbaren Beträge übernommen. [Im Fall vorzeitiger Rückzahlung bei festverzinslichen Schuldverschreibungen, einfügen: Vorzeitige Rückzahlung Die Schuldverschreibungen können vor Ablauf ihrer festgelegten Laufzeit [[nach Wahl] [der Emittentin] [und] [oder] [der Gläubiger],] aus steuerlichen Gründen, aufgrund eines Kontrollwechsels [, aufgrund eines geringen ausstehenden Gesamtnennbetrages] oder bei Eintritt eines Kündigungsereignisses zurückgezahlt werden.] [Im Fall vorzeitiger Rückzahlung bei variabel verzinslichen Schuldverschreibungen, einfügen: Vorzeitige Rückzahlung Die Schuldverschreibungen können vor Ablauf ihrer festgelegten Laufzeit aus steuerlichen Gründen, aufgrund eines Kontrollwechsels [, aufgrund eines geringen ausstehenden Gesamtnennbetrages] oder bei Eintritt eines Kündigungsereignisses zurückgezahlt werden.]

Punkt Abschnitt C - Die Schuldverschreibungen

[Im Fall vorzeitiger Rückzahlung von festverzinslichen Schuldverschreibungen nach Wahl der Emittentin zu dem Vorzeitigen Rückzahlungsbetrag, einfügen: Vorzeitige Rückzahlung nach Wahl der Emittentin zu dem Wahl-Rückzahlungsbetrag Die Schuldverschreibungen können nach Wahl der Emittentin nach Kündigung unter Einhaltung der festgelegten Kündigungsfrist gegenüber den Gläubigern zum Nennbetrag zuzüglich einer Anwendbaren Prämie nebst etwaiger bis zum Wahl-Rückzahlungstag (ausschließlich) aufgelaufener Zinsen zurückgezahlt werden. Anwendbare Prämie bezeichnet die etwaige Differenz, um die (a) der Barwert zum Wahl-Rückzahlungstag (i) des Nennbetrags je Schuldverschreibung zuzüglich (ii) aller bis zum Fälligkeitstag (ausschließlich) vorgesehenen und noch fällig werdenden Zinszahlungen je Schuldverschreibung, abgezinst mit der [Benchmark-Rendite einfügen] zuzüglich [Marge einfügen] %, (b) den Nennbetrag der Schuldverschreibung übersteigt.] [Im Fall vorzeitiger Rückzahlung bei festverzinslichen Schuldverschreibungen nach Wahl der Gläubiger zu dem(n) festgelegten Rückzahlungsbetrag/-beträgen, einfügen: Vorzeitige Rückzahlung nach Wahl der Gläubiger zu dem(n) festgelegten Rückzahlungsbetrag/-beträgen Die Schuldverschreibungen können nach Wahl der Gläubiger nach Kündigung unter Einhaltung der festgelegten Kündigungsfrist gegenüber der Emittentin an dem bzw. den festgelegten Tag(en) vor Ablauf ihrer festgelegten Laufzeit zu dem(n) festgelegten Rückzahlungsbetrag/-beträgen nebst etwaiger bis zum jeweiligen Rückzahlungstag (ausschließlich) aufgelaufener Zinsen zurückgezahlt werden.] Vorzeitige Rückzahlung aus steuerlichen Gründen Die vorzeitige Rückzahlung der Schuldverschreibungen zum Nennbetrag nebst etwaiger bis zum jeweiligen Rückzahlungstag (ausschließlich) aufgelaufener Zinsen aus steuerlichen Gründen ist zulässig, falls als Folge einer Änderung oder Ergänzung der Gesetze oder Vorschriften (einschließlich einer Änderung oder Ergänzung der Anwendung oder der offiziellen Auslegung dieser Gesetze oder Vorschriften) der Niederlande (oder im Falle der Garantin, der Bundesrepublik Deutschland) oder deren politischen Untergliederungen oder Steuerbehörden, die Emittentin zur Zahlung zusätzlicher Beträge auf die

Punkt Abschnitt C - Die Schuldverschreibungen

Schuldverschreibungen verpflichtet ist (oder, im Falle von Zahlungen unter der Garantie, die Garantin zur Zahlung von zusätzlichen Beträgen verpflichtet ist). Vorzeitige Rückzahlung bei Vorliegen eines Kontrollwechsels Die Schuldverschreibungen sehen ein Recht der Gläubiger vor, bei Vorliegen eines Kontrollwechsels in Bezug auf die Garantin eine vorzeitige Rückzahlung der Schuldverschreibungen zu ihrem Nennbetrag nebst etwaiger bis zum jeweiligen Rückzahlungstag (ausschließlich) aufgelaufener Zinsen zu verlangen. [Im Fall vorzeitiger Rückzahlung aufgrund eines geringen ausstehenden Gesamtnennbetrages, einfügen: Vorzeitige Rückzahlung aufgrund eines geringen ausstehenden Gesamtnennbetrages Die Schuldverschreibungen können von der Emittentin zum Nennbetrag nebst etwaiger bis zum jeweiligen Rückzahlungstag (ausschließlich) aufgelaufener Zinsen zurückgezahlt werden, falls die Garantin oder ein mit ihr verbundenes Unternehmen Schuldverschreibungen in einem Gesamtnennbetrag von 80% oder mehr des ursprünglich begebenen Gesamtnennbetrages der Schuldverschreibungen erworben hat.] Vorzeitige Rückzahlung bei Eintritt eines Kündigungsereignisses (einschließlich Drittverzug) Die Schuldverschreibungen sehen Kündigungsgründe (einschließlich einer Kündigung im Fall eines Drittverzugs (Cross-Default)) vor, die die Gläubiger berechtigen, die unverzügliche Rückzahlung ihrer Schuldverschreibungen zum Nennbetrag nebst etwaiger bis zum jeweiligen Rückzahlungstag (ausschließlich) aufgelaufener Zinsen zu verlangen. Gläubigerbeschlüsse In Übereinstimmung mit dem Gesetz über Schuldverschreibungen aus Gesamtemission von 2009 (Schuldverschreibungsgesetz, "SchVG") sehen die Schuldverschreibungen und die Garantie vor, dass die Gläubiger durch Beschluss Änderungen der Emissionsbedingungen und/oder der Garantie (mit Zustimmung der Emittentin und/oder der Garantin) zustimmen und gewisse sonstige Maßnahmen in Bezug auf die Schuldverschreibungen bzw. der Garantie beschließen können. Ordnungsgemäß gefasste Beschlüsse sind für alle Gläubiger verbindlich. Beschlüsse der Gläubiger, durch welche der wesentliche Inhalt der Emissionsbedingungen bzw. der Garantie geändert wird, bedürfen einer Mehrheit von

Punkt Abschnitt C - Die Schuldverschreibungen

mindestens 75% der an der Abstimmung teilnehmenden Stimmrechte. Sonstige Beschlüsse bedürfen der einfachen Mehrheit der teilnehmenden Stimmrechte. C.9 Verzinsung und Rückzahlungen, Siehe Punkt C.8 für Angaben zu mit den Rendite, Vertreter der Gläubiger Schuldverschreibungen verbundenen Rechten, der Schuldverschreibungen Rangordnung sowie Beschränkungen der mit den Schuldverschreibungen verbundenen Rechte. Zinssatz [Im Fall von festverzinslichen Schuldverschreibungen, einfügen: [●]% p.a.] [Im Fall von variabel verzinslichen Schuldverschreibungen, einfügen: [EURIBOR] [LIBOR für die festgelegte Währung] [[zuzüglich] [abzüglich] der Marge in Höhe von [●]%] für jede Zinsperiode] Verzinsungsbeginn Begebungstag der Schuldverschreibungen. Zinszahlungstage [●] Basiswert auf dem der Zinssatz [Im Fall von festverzinslichen Schuldverschreibungen, basiert einfügen: Entfällt. Der Zinssatz basiert nicht auf einem Basiswert.] [Im Fall von variabel verzinslichen Schuldverschreibungen einfügen: [EURIBOR] [LIBOR für die festgelegte Währung] Fälligkeitstag, Tilgung Soweit nicht zuvor bereits ganz oder teilweise zurückgezahlt einschließlich oder angekauft und entwertet, werden die Rückzahlungsverfahren Schuldverschreibungen zum Nennbetrag am [●] zurückgezahlt. Zahlung von Kapital in Bezug auf die Schuldverschreibungen erfolgt an das Clearingsystem oder dessen Order zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearingsystems. Angabe der Rendite [Im Fall von festverzinslichen Schuldverschreibungen, einfügen: [●]%] [Im Fall von variabel verzinslichen Schuldverschreibungen einfügen: Entfällt. Es wird keine Rendite berechnet.] Name des Vertreters der Entfällt. In den Emissionsbedingungen der Inhaber der Schuldverschreibungen wurde kein gemeinsamer Vertreter der Schuldverschreibungen Gläubiger bestellt. C.10 Erläuterung wie der Wert der Siehe Punkt C.9. Anlage beeinflusst wird, falls die Entfällt. Die Schuldverschreibungen haben keine derivative Schuldverschreibungen eine Komponente bei der Zinszahlung. derivative Komponente bei der Zinszahlung aufweisen C.11 Zulassung zur Börsennotierung [Die Zulassung zur Börsennotierung und zum Handel [im und zum Handel an einem regulierten Markt der Luxemburger Wertpapierbörse] [●] regulierten Markt oder einem wurde beantragt.] gleichwertigen Markt / Angabe [Entfällt. Die Emittentin beabsichtigt nicht, einen Antrag auf

Punkt Abschnitt C - Die Schuldverschreibungen

des Markts, an dem die Handel der Schuldverschreibungen an einer Börse zu stellen.] Schuldverschreibungen künftig gehandelt werden und für den ein Prospekt veröffentlicht wurde

Punkt Abschnitt D - Risiken, die der Emittentin eigen sind

D.2 Zentrale Angaben zu den zentralen Risiken, die der Emittentin oder ihrer Branche eigen sind Die Emittentin ist abhängig von der Garantin und anderen Mitgliedern der Gruppe.

Punkt Abschnitt D - Risiken, die der Garantin eigen sind

D.3 Zentrale Angaben zu den zentralen Risiken, die der Garantin oder ihrer Branche eigen sind Marktbezogene Risiken • Die Deutsche Annington ist von der wirtschaftlichen und demografischen Entwicklung in Deutschland und in den regionalen Teilmärkten, in denen sich die Immobilien der Deutsche Annington befinden, abhängig. Weiterhin ist die Gruppe von ihrer Fähigkeit abhängig, ihre Geschäftstätigkeit im Wohnungswesen diesen Entwicklungen anzupassen. • Die langsame und unsichere Erholung der Weltwirtschaft von den jüngsten Finanz- und Wirtschaftskrisen kann wirtschaftliche Instabilität, eingeschränkten Zugang zur Fremd- und Eigenkapitalfinanzierung sowie potenzielle Zahlungsausfälle von Geschäftspartnern der Deutsche Annington zur Folge haben. • Das gegenwärtige makroökonomische Umfeld zeichnet sich durch niedrige Zinssätze und vergleichbar hohe Bewertungen von Wohnimmobilienportfolien in Deutschland aus. Jeder Zinsanstieg könnte nachteilige Auswirkungen auf den deutschen Immobilienmarkt und die Deutsche Annington haben. • Es könnte für die Deutsche Annington schwieriger werden, ihre Strategie des Erwerbs von Wohnimmobilien und Immobilienunternehmen zu günstigen Preisen umzusetzen, wobei dies insbesondere auf die derzeit relativ hohen Marktpreise für Immobilien und Immobilienunternehmen zurückzuführen ist. Eine solche Entwicklung könnte das Unternehmenswachstum der Deutsche Annington beeinträchtigen und könnte verhindern, dass die Gruppe zusätzliche Skaleneffekte erzielt und die Qualität ihres gesamten Portfolios durch Akquisitionen verbessert. Risiken im Zusammenhang mit dem Übernahmeangebot betreffend die Gagfah SA ("Gagfah") • Die Integration von Gagfah und ihren konsolidierten Tochtergesellschaften (zusammen der "Gagfah-Konzern") in die Deutsche Annington könnte nicht erfolgreich sein oder nicht wie geplant verlaufen und mit höheren Kosten als erwartet verbunden sein. • Die im Zusammenhang mit der Integration des Gagfah-Konzerns erwarteten Synergien könnten nicht oder nur in einem geringeren Ausmaß eintreten oder die mit der Erzielung von Synergien verbundenen Kosten könnten höher als geplant ausfallen. • Die Garantin konnte im Vorfeld der Übernahme der Gagfah SA keine Einsicht in wichtige Unterlagen des Gagfah-Konzerns nehmen, so dass wesentliche für die Bewertung des Gagfah- Konzerns wichtige Umstände der Garantin möglicherweise nicht bekannt sind.

• Der Erwerb von Aktien der Gagfah im Zusammenhang mit oder als Folge des Übernahmeangebots könnte Grunderwerbsteuerpflichten in erheblicher Höhe auslösen. • Der Erwerb von Aktien der Gagfah durch die Garantin wird zu einem Verlust sämtlicher oder nahezu aller steuerlichen Verlust- und Zinsvorträge des Gagfah-Konzerns führen • Der Erwerb von Aktien der Gagfah durch die Garantin könnte Auswirkungen auf die steuerliche Abzugsfähigkeit von Zinsaufwendungen haben, was zu einer höheren Steuerlast führen könnte. • Die Finanzierung des Übernahmeangebots sowie der etwaig in Zusammenhang mit der Übernahme erforderlichen Refinanzierung von Finanzverbindlichkeiten des Gagfah-Konzerns könnte scheitern. • Bestimmte Finanzierungsinstrumente der sonstige Verträge des Gagfah-Konzerns könnten Bestimmungen enthalten, die im Zusammenhang oder in Folge des Übernahmeangebots ausgelöst werden und gegebenenfalls eine Refinanzierung der Finanzierungsinstrumente der Gagfah in erheblichem Umfang erforderlich machen bzw. zum Verlust von Vorteilen aus den sonstigen Verträgen führen. • Das feste Umtauschverhältnis zwischen den Aktien der Gagfah und den durch die Garantin angebotenen Aktien reflektiert Marktveränderungen nicht. Risiken im Zusammenhang mit der Geschäftstätigkeit der Deutsche Annington • Die Deutsche Annington ist Risiken ausgesetzt, die aus der strukturellen Beschaffenheit ihrer Immobilien sowie der Modernisierung und Instandhaltung resultieren. Die Deutsche Annington ist gemäß den Darlehens- und Kaufverträgen der Gruppe verpflichtet, bestimmte Beträge in bestimmte Portfolios zu investieren. Aufgrund dieser Verpflichtungen können die Mittel möglicherweise nicht optimal zugewiesen werden. • Die Deutsche Annington ist möglicherweise nicht in der Lage, einen Anteil ihres Portfolios zu günstigen Bedingungen oder überhaupt zu verkaufen oder zu veräußern. • Der Deutsche Annington entstehen Risiken in Zusammenhang mit möglichen Akquisitionen und Investitionen. Zu diesen Risiken gehören unerwartete Haftungsfälle, eine höhere Verschuldung, höhere Zinsaufwendungen und Herausforderungen bei der Eingliederung der neu erworbenen Unternehmen sowie der Erreichung der erwarteten Synergien. Des Weiteren könnten sich die Transaktionskosten für Immobilienkäufe aufgrund der jüngsten Änderung des deutschen Steuerrechts erhöhen. Weiterhin entwickeln sich Immobilienportfolios oder - unternehmen, die in Zukunft erworben werden können, möglicherweise nicht so vorteilhaft wie erwartet. • Zukünftige Akquisitionen können nicht oder nicht wie ursprünglich geplant, abgeschlossen werden, zum Beispiel aufgrund von Bedingungen des Kaufvertrages oder infolge des Scheiterns finaler Vereinbarungen über die Dokumentation von Akquisitionsdarlehen. • Die Deutsche Annington plant erhebliche Investitionen in Modernisierungsmaßnahmen, welche nicht die erwartete Rendite erzielen könnten. • Im Zusammenhang mit einigen wichtigen Akquisitionen ging die Deutsche Annington vertragliche Verpflichtungen ein, durch die ihre Fähigkeit, Teile ihres Portfolios frei zu veräußern, Beschäftigungsverhältnisse zu übertragen oder zu beenden und Mieten für bestimmte Einheiten zu erhöhen, eingeschränkt wird, wodurch die Gruppe möglicherweise gehindert wird, den größtmöglichen Wert aus den betroffenen Immobilien zu erzielen. • Zum Zwecke des Insourcings von Vor-Ort-Diensten hat Deutsche Annington eine Hausmeister- und Handwerkerorganisation gegründet und für diese eine große Anzahl an Beschäftigten eingestellt. Diese Insourcing-Maßnahme führte zu einem deutlichen Anstieg der Personalaufwendungen und der sonstigen Fixkosten und stellt weiterhin eine Herausforderung

für die Verwaltung dar • Zusätzlich zu der Wohnimmobilienbewirtschaftung und den Erträgen aus dem Non-Core- Segment (Nichtkernbereich des Portfolios der Deutsche Annington) des Immobilienportfolios, gehört zur Geschäftstätigkeit der Deutsche Annington ebenfalls der Verkauf von einzelnen Wohneinheiten (Privatisierung) mit der Folge, dass nicht alle Einheiten einer gebildeten Wohnungseigentümergemeinschaft verkauft werden könnten. Für die unverkauften Wohnbestände wird möglicherweise ein größerer Verwaltungsaufwand erforderlich, wobei dies zu zusätzlichen Aufwendungen und anderen nachteiligen Folgen für die Gruppe führen kann. • Die Deutsche Annington könnte Risiken durch Altlasten einschließlich Kriegsmunition, Bodenbeschaffenheit und Schadstoffen in Baumaterialien sowie durch potenzielle Verstöße gegen Bauvorschriften ausgesetzt sein. Einige der Gebäude in dem Immobilienportfolio der Deutsche Annington liegen in Bergbaugebieten und können durch Bergbauaktivitäten beschädigt werden. • Die Deutsche Annington hat eine strategische Partnerschaft mit dem Deutsche Telekom Konzern, wonach Deutsche Annington verpflichtet ist, für Wohnungen festgelegte Gebühren zu zahlen, unabhängig davon ob es der Gruppe möglich ist, diese Kosten auf ihre Mieter umzulegen. Zudem bedient sich die Deutsche Annington einer großen Anzahl an Dienstleistern und ist von deren vertragsgerechter Leistung abhängig. • Die Deutsche Annington haftet möglicherweise für Mietausfälle gemäß einer einem Immobilienfonds gegebenen Garantie. • Die Deutsche Annington hat Subventionen der öffentlichen Hand erhalten, wodurch das Niveau der Mieten, die verlangt werden können, bei einem Teil des Immobilienportfolios begrenzt ist. Darlehensgeber der geförderten Darlehen könnten ihr Recht, den Zins für diese Darlehen anzuheben, einseitig ausüben. • Der Deutsche Annington könnten erhebliche Verluste dadurch entstehen, dass Schäden nicht von ihrer Versicherung gedeckt sind oder die Schadenshöhe die Deckungssumme des Versicherungsschutzes übersteigt. • Die Deutsche Annington beschäftigt eine relativ kleine Anzahl an Angestellten in der Verwaltung und auf leitender Ebene, die das Geschäft überwachen und ist möglicherweise nicht in der Lage, wichtiges Personal zu ersetzen. • Die Deutsche Annington ist von der vertrauensvollen Zusammenarbeit mit ihren Beschäftigten, dem Betriebsrat (Mitarbeitervertretungen) sowie der Gewerkschaft ver.di abhängig. • Eine Schädigung der Reputation der Gruppe und unzureichende Kundenzufriedenheit könnte die Nachfrage nach den Wohneinheiten der Gruppe reduzieren und es der Gruppe erschweren, Kapital zu attraktiven Konditionen oder überhaupt aufzunehmen. • Das EDV-System der Deutsche Annington könnte fehlerhaft funktionieren oder beeinträchtigt werden. Risiken im Hinblick auf die Bewertung der Immobilien der Deutsche Annington • Im Falle einer Zinssatzänderung, einer Verschlechterung der Marktlage oder ungünstiger Entwicklungen des Mietniveaus oder der Leerstandsquote der Gruppe kann sich die Deutsche Annington gezwungen sehen, die derzeit gültigen Verkehrswerte der Investment Properties anzupassen und bedeutende Verluste hinzunehmen. • Die Bewertung von Immobilien ist von Natur aus subjektiv, mit Unsicherheiten verbunden und auf Annahmen gegründet, die sich als fehlerhaft herausstellen können oder durch Faktoren beeinflusst werden, die außerhalb der Kontrolle der Gruppe oder eines externen

Gutachters liegen.

Finanzielle Risiken • Deutsche Annington ist zur Weiterverfolgung der Finanzierungsstrategie von ihrem bestehenden Investment-Grade-Rating abhängig, insbesondere im Zusammenhang mit der Deckung ihres zukünftigen Finanzierungsbedarfs durch die Ausgabe unbesicherter Schuldverschreibungen und Schuldscheine. • Der Schuldenstand der Gruppe ist beträchtlich, so dass Deutsche Annington darauf angewiesen ist, signifikante Beträge, die in den nächsten Jahren fällig werden, zu refinanzieren. Es kann schwierig oder kostspielig werden, neue Finanzierungsquellen aufzutun. • Sofern die Emittentin, Garantin oder andere Gesellschaften der Gruppe gegen Finanzverträge oder gegen sonstige Bestimmungen im Zusammenhang mit gegenwärtigen oder zukünftigen Schuldverschreibungen oder sonstigen Schuldtiteln oder mit ihren gegenwärtigen oder zukünftigen Darlehensverträgen verstößt, kann die Deutsche Annington verpflichtet sein, höhere Zinsen zu zahlen oder die betreffenden Schuldverschreibungen, Schuldtitel oder Darlehen vor Fälligkeit vollständig zurückzuzahlen. Zudem könnten Treuhänder der Sicherheiten und Gläubiger bedeutende Sicherheiten, die von der Deutsche Annington gestellt wurden, pfänden oder verwerten. • Der Kapitalfluss der Garantin und potenzielle zukünftige Dividendenzahlungen hängen von der Rentabilität ihrer Tochtergesellschaften ab. Regulatorische und rechtliche Risiken • Die Möglichkeiten der Gruppe, die Mieten zu erhöhen, sind durch das deutsche Recht begrenzt, und es gibt momentan Bemühungen auf politischer Ebene, Mieterhöhungen zusätzlich einzuschränken. • Nach deutschem Recht genießen die Mieter einen umfangreichen Schutz gegen Kündigungen und Zwangsräumungen. Zudem verwendet Deutsche Annington standardisierte Mietverträge und standardisierte Vertragsbestimmungen, die von deutschen Gerichten streng geprüft werden. • Die Geschäftstätigkeit der Deutsche Annington ist von den allgemeinen rechtlichen Rahmenbedingungen in Deutschland abhängig. Jede nachteilige Veränderung der rechtlichen Rahmenbedingungen, wie etwa verbindliche Vorschriften über umweltbedingte Modernisierungsmaßnahmen, Einschränkungen der Modernisierungsmöglichkeiten oder Vorschriften (einschließlich Steuern), die Kosten im Falle eines Verkaufs von Grundstücken verursachen, könnten sich nachteilig auf die Geschäftstätigkeit der Deutsche Annington auswirken. • Die Deutsche Annington kann für einen mehrjährigen Zeitraum nach dem Verkauf von Immobilien Haftungsansprüchen ausgesetzt sein. • Die Kontroll- und Präventionsvorkehrungen des Compliance Systems der Deutsche Annington könnten nicht ausgereicht haben oder nicht ausreichen, die Deutsche Annington angemessen vor allen rechtlichen oder finanziellen Risiken zu schützen. Unregelmäßigkeiten könnten zu behördlichen Ermittlungen oder Ansprüchen Dritter gegen die Deutsche Annington führen, die wiederum einen erheblichen negativen Einfluss auf das Geschäft, die Vermögens-, Finanz- und Ertragslage, die Liquidität und das operative Ergebnis sowie die Reputation der Deutsche Annington haben könnten. • Die Deutsche Annington unterliegt den allgemeinen steuerlichen Rahmenbedingungen in Deutschland. In Folge von Änderungen der Steuergesetze oder deren Anwendung oder

Auslegung könnte sich die Steuerlast der Gruppe aufgrund zukünftiger steuerlicher Behandlung der Dividendenzahlungen, aktueller oder zukünftiger Steuerbescheide, Steuerprüfungen oder Gerichtsverfahren erhöhen. • Erhebliche Umstrukturierungen der Gruppe in der Vergangenheit können zu einer zusätzlichen Steuerbelastung führen. • Aufgrund von Unsicherheiten bei den deutschen Regelungen zur Zinsschranke könnten die Steuerbehörden nicht für alle Zinsaufwendungen in der Vergangenheit die steuerliche Abzugsfähigkeit anerkennen. Weiterhin kann sich die Steuerlast der Gruppe als Folge einer zukünftigen Änderung in der Aktionärsstruktur der Garantin und/oder der Unternehmensstruktur erhöhen. • Eine Übertragung von 95% oder mehr der Anteile der Garantin oder einer Tochtergesellschaft innerhalb von fünf Jahren kann in Deutschland grunderwerbsteuerpflichtig sein. • Steuerpflichtige Veräußerungsgewinne aus der Veräußerung eines Rechts oder einer Beteiligung an Immobilien können möglicherweise nicht vollständig durch die steuerliche Übertragung stiller Reserven neutralisiert werden. • Nach der Gründung einiger Kommanditgesellschaften als gewerbesteuerpflichtige Einheiten, ist Deutsche Annington möglicherweise für Zwecke der Gewerbesteuer nicht in der Lage, Verluste mit Gewinnen in ihren Tochtergesellschaften zu verrechnen. • Die Deutsche Annington unterliegt bestimmten steuerlichen Risiken im Zusammenhang mit der Refinanzierung der GRAND-Verbriefung. • Die Deutsche Annington unterliegt potenziellen zukünftigen Änderungen in der Unternehmensbesteuerung in Deutschland und in der Europäischen Union.

D.3 Abschnitt D - Risiken, die den Schuldverschreibungen eigen sind

Zentrale Angaben zu den zentralen Risiken, die den Schuldverschreibungen eigen sind Risikofaktoren in Bezug auf die Schuldverschreibungen umfassen die folgenden Risiken: • Eignung: Potentielle Anleger sollten in Schuldverschreibungen nur investieren, wenn sie (selbst oder durch ihre Finanzberater) über die nötige Expertise verfügen, um die Entwicklung der Schuldverschreibungen unter sich verändernden Bedingungen, die Folgen für den Wert der Schuldverschreibungen sowie die Auswirkungen einer solchen Anlage auf ihr Gesamtportfolio einschätzen zu können. • [Im Fall von festverzinslichen Schuldverschreibungen, einfügen: Festverzinsliche Schuldverschreibungen: Ein Gläubiger von festverzinslichen Schuldverschreibungen ist dem Risiko ausgesetzt, dass der Kurs einer solchen Schuldverschreibung infolge von Veränderungen des aktuellen Marktzinssatzes sinkt.] • [Im Fall von variabel verzinslichen Schuldverschreibungen einfügen: Variabel verzinsliche Schuldverschreibungen: Ein Gläubiger von variabel verzinslichen Schuldverschreibungen ist dem Risiko eines schwankenden Zinsniveaus und ungewisser Zinserträge ausgesetzt. Ein schwankendes Zinsniveau macht es unmöglich, die Rendite von variabel verzinslichen Schuldverschreibungen im Voraus zu bestimmen.] • Risiko einer vorzeitigen Rückzahlung: Die Emittentin kann das Recht haben, alle ausstehenden Schuldverschreibungen zurückzuzahlen, wenn die Emittentin verpflichtet wäre, zusätzliche Beträge auf die Schuldverschreibungen wegen Einbehalts oder Abzugs von gegenwärtigen oder zukünftigen Steuern bzw. geschuldeten Steuern zu zahlen (bzw. die Garantin verpflichtet wäre, zusätzliche Beträge auf die Garantie zu zahlen) [Im Fall

vorzeitiger Rückzahlung aufgrund eines geringen ausstehenden Gesamtnennbetrages einfügen: oder aufgrund eines geringen ausstehenden Gesamtnennbetrags]. [Im Fall vorzeitiger Rückzahlung von Schuldverschreibungen nach Wahl der Emittentin einfügen: Des Weiteren können Schuldverschreibungen nach Wahl der Emittentin zurückgezahlt werden]. In diesem Fall ist der Gläubiger solcher Schuldverschreibungen dem Risiko ausgesetzt, dass infolge der vorzeitigen Rückzahlung seine Kapitalanlage eine geringere Rendite als erwartet aufweisen wird. Weiterhin könnte nach einer solchen vorzeitigen Rückzahlung eine Wiederanlage des Rückzahlungsertrags in ein vergleichbares Wertpapier zu einem effektiven Zinssatz in gleicher Höhe wie der der Schuldverschreibungen nicht möglich sein. • Kreditrisiko: Gläubiger sind dem Risiko ausgesetzt, dass die Emittentin bzw. die Garantin, Zins- und/oder Tilgungszahlungen, zu denen die Emittentin bzw. die Garantin im Zusammenhang mit den Schuldverschreibungen bzw. der Garantie verpflichtet ist, teilweise oder vollumfänglich nicht leisten kann. Darüber hinaus kann der Marktwert der Schuldverschreibungen gemindert werden, wenn sich die Kreditwürdigkeit der Emittentin bzw. der Garantin verschlechtert. • Kein aktiver Markt für den öffentlichen Handel: Die Schuldverschreibungen sind neue Wertpapiere, die möglicherweise nicht sehr breit gestreut sind und für die derzeit kein liquider Markt besteht. Es gibt keine Gewissheit, dass sich künftig ein liquider Markt für die Schuldverschreibungen entwickelt oder ein liquider Markt künftig aufrechterhalten wird. In einem illiquiden Markt könnte es sein, dass ein Anleger seine Schuldverschreibungen nicht jederzeit zu angemessenen Marktpreisen veräußern kann. Die Möglichkeit, Schuldverschreibungen zu veräußern, kann darüber hinaus aus landesspezifischen Gründen eingeschränkt sein. • Inflationsrisiko: Die reale Rendite aus einer Anlage in die Schuldverschreibungen wird durch Inflation geschmälert. • Risiko einer strukturellen Nachrangigkeit der Schuldverschreibungen oder der Garantie: Die Schuldverschreibungen und die Garantie können gegenüber Verbindlichkeiten der Deutsche Annington Gruppe strukturell nachrangig sein, sofern diese Verbindlichkeiten durch Vermögenswerte besichert werden, die nicht gleichzeitig die Schuldverschreibungen besichern. • Risiken hinsichtlich der unter den Schuldverschreibungen und der Garantie bestehenden Beschränkungen für die Emittentin und die Garantin: Die Schuldverschreibungen und die Garantie enthalten lediglich begrenzte einschränkende Verpflichtungen, die die Begründung neuer Schulden, die Gewährung von Sicherheiten oder andere Maßnahmen, die die Gläubiger benachteiligen können, durch die Deutsche Annington Gruppe einschränken. Diese Beschränkungen ermöglichen gleichwohl die Begründung von erheblichen zusätzlichen (besicherten oder unbesicherten) Schulden, die Gewährung von neuen Sicherheiten für bestehende oder zukünftige Verpflichtungen sowie die Durchführung von Transaktionen, einschließlich Umwandlungen, Fusionen, Übernahmen oder anderen vergleichbaren gesellschaftsrechtlichen Maßnahmen, durch die Garantin oder eine Tochtergesellschaft, die die Gläubiger benachteiligen können. • Transaktionskosten/Gebühren: Nebenkosten können Erträge aus den Schuldverschreibungen erheblich mindern oder gar aufzehren. • Besteuerung: Potenzielle Käufer und Verkäufer der Schuldverschreibungen sollten sich vergegenwärtigen, dass sie gegebenenfalls verpflichtet sind, Steuern oder andere Gebühren oder Abgaben zu zahlen.

• Marktpreisrisiko: Gläubiger der Schuldverschreibungen sind dem Risiko einer nachteiligen Entwicklung der Marktpreise für ihre Schuldverschreibungen ausgesetzt, wenn sie ihre Schuldverschreibungen vor Fälligkeit veräußern. • Volatiler Handelsmarkt: Der Marktpreis für von der Emittentin begebene Schuldtitel ist von einer Reihe zusammenhängender Faktoren abhängig und der Preis, zu dem ein Gläubiger seine Schuldverschreibungen vor Fälligkeit verkaufen kann, kann beträchtlich unter dem Ausgabepreis oder unter dem Kaufpreis, den der Gläubiger für die Schuldverschreibungen bezahlt hat, liegen. • Risiko einer Ratingänderung: Der Marktpreis und der Kurswert der Schuldverschreibungen werden unter anderem durch die Kreditwürdigkeit der Emittentin oder der Garantin und eine Anzahl weiterer Faktoren beeinflusst, einschließlich, jedoch ohne Beschränkung hierauf, der Aussichten und Erwartungen des Marktes, des Marktzinses, der Renditen und der Restlaufzeit der Schuldverschreibungen. • Gesetzesänderung: Die Emissionsbedingungen unterliegen deutschem Recht, wie es zum Datum dieses Prospekts Anwendung findet. Dabei kann keine Zusicherung dahingehend abgegeben werden, welche Auswirkungen mögliche Gerichtsentscheidungen oder Änderungen der Rechtslage oder Verwaltungspraxis oder der offiziellen Anwendung oder Auslegung deutschen Rechts nach dem Datum dieses Prospekts haben können. • Unabhängige Einschätzung und Beratung: Ohne eine unabhängige Einschätzung und Beratung ist ein Anleger möglicherweise nicht in der Lage, die Risiken, die mit einer Anlage in die Schuldverschreibungen verbunden sind, ausreichend zu verstehen, und kann daher einen teilweisen oder vollständigen Verlust seines investierten Kapitals erleiden, ohne vor einer Anlage in die Schuldverschreibungen diese oder andere Risiken in Betracht gezogen zu haben. • Kontrollwechsel: Obgleich der Eintritt eines bestimmten Kontrollwechsels die Gläubiger berechtigt, die Rückzahlung oder den Rückkauf ihrer Schuldverschreibungen zu verlangen, ist die Emittentin oder die Garantin möglichweise nicht in der Lage, die Schuldverschreibungen zurückzuzahlen oder zurückzukaufen bzw. Zahlungen auf die Garantie vorzunehmen. • Kündigungsgründe: Beim Eintritt bestimmter Kündigungsgründe kann jede Serie von Schuldverschreibungen nur dann gekündigt werden, wenn Gläubiger von mindestens 10 Prozent des Gesamtnennbetrages der zu diesem Zeitpunkt noch ausstehenden Schuldverschreibungen der betreffenden Serie ihre Schuldverschreibungen kündigen und die Wirksamkeit dieser Kündigung nicht durch einen ablehnenden Mehrheitsbeschluss der Gläubiger dieser Serie von Schuldverschreibungen entfällt. • Beschlüsse der Gläubiger: Die Emissionsbedingungen der jeweiligen Schuldverschreibungen oder die Garantie (sowie andere Maßnahmen hinsichtlich der Schuldverschreibungen und der Garantie) können durch Mehrheitsbeschluss der Gläubiger dieser Schuldverschreibungen geändert werden und ein Gläubiger ist dem Risiko ausgesetzt, durch einen Beschluss der Gläubiger überstimmt zu werden. • Gemeinsamer Vertreter: Im Falle einer Bestellung eines gemeinsamen Vertreters durch Mehrheitsbeschluss der Gläubiger, ist es für einen Gläubiger möglich, dass sein persönliches Recht zur Geltendmachung und Durchsetzung seiner Rechte aus den Emissionsbedingungen bzw. die Garantie gegenüber der Emittentin auf den gemeinsamen Vertreter übergeht • Schuldverschreibungen in Fremdwährung: Gläubiger von Schuldverschreibungen, die auf eine fremde Währung lauten, sind insbesondre dem Risiko von Änderungen der Währungswechselkurse ausgesetzt.

• Währungsrisiken: Ein Investor, der seine Finanzaktivitäten grundsätzlich in einer anderen als der für eine Serie von Schuldverschreibungen angegeben Währung abwickelt, muss sich bewusst sein, dass eine Anlage in die Schuldverschreibungen mit Währungsrisiken verbunden sein kann. • FATCA: Mit dem US-amerikanischen Gesetz zur Regelung des US-Steuer-Reportings ausländischer Finanzinstitute, dem Foreign Account Tax Compliance Act (kurz FATCA), ist ein neues Meldesystem und eine potenzielle Quellensteuer in Höhe von 30 % auf bestimmte Zahlungen eingeführt worden Jeder Gläubiger von Schuldverschreibungen sollte seinen eigenen Steuerberater hinsichtlich möglicher Auswirkungen in seinem konkreten Fall konsultieren. • Finanztransaktionssteuer: Am 14. Februar 2013 hat die Europäische Kommission einen Vorschlag für eine Richtlinie für eine allgemeinen Finanztransaktionssteuer in Belgien, Deutschland, Estland, Griechenland, Spanien, Frankreich, Italien, Österreich, Portugal, Slowenien und der Slowakei gemacht. Die von der Europäischen Kommission vorgeschlagene Finanztransaktionssteuer könnte nach ihrer Einführung den Handel von bestimmten Wertpapieren unter bestimmten Bedingungen betreffen. Die von der Europäischen Kommission vorgeschlagene Finanztransaktionssteuer kann zusätzliche Transaktionskosten bezüglich der Wertpapiere für die Gläubiger hervorrufen.

Punkt Abschnitt E – Angebot der Schuldverschreibungen

E.2b Gründe für das Angebot und [●] Zweckbestimmung der Erlöse, sofern diese nicht in der Gewinnerzielung und/oder der Absicherung bestimmter Risiken liegen E.3 Beschreibung der [Emissionsvolumen einfügen] Angebotskonditionen [Ausgabepreis einfügen] [Mindestzeichnung einfügen] [Art des Vertriebs einfügen] [Beginn und Ende der Vertriebs- oder Zeichnungsfrist einfügen] [Emissionsübernahme oder Platzierung durch Platzeure oder Vertriebsstellen einfügen] [andere oder weitere Angebotskonditionen einfügen] E.4 Beschreibung aller für die [●] Emission/das Angebot wesentlichen, auch kollidierenden Interessen. E.7 Schätzung der Ausgaben, die [●] dem Anleger von der Emittentin oder dem Anbieter in Rechnung gestellt werden.

RISK FACTORS

Below is a description of risk factors that are material for the assessment of the market risk associated with the Notes issued under the Programme and risk factors that may affect each of the Issuer's ability to fulfil its obligations under the Notes and, as applicable, the Guarantor's ability to fulfil its obligations under the Guarantee and Negative Pledge. Any of these risks could have a material adverse effect on the financial condition and results of operations of the Deutsche Annington. The market price of the Notes could decline due to any of these risks, and investors could lose all or part of their investments.

Potential investors should carefully consider the specific risk factors outlined below in addition to all other information in this Prospectus and consult with their own professional advisors should they deem it necessary before deciding upon the purchase of Notes issued under the Programme. In addition, investors should bear in mind that several of the described risks can occur simultaneously and thus have, possibly together with other circumstances, a stronger impact. The order in which the risks are described neither indicates the probability of their occurrence nor the gravity or significance of the individual risks nor the scope of their financial consequences. Additional risks of which Deutsche Annington is not presently aware could also affect the business operations of Deutsche Annington and have a material adverse effect on Deutsche Annington's business activities and financial condition and results of operations.

Words and terms that are defined in the "Terms and Conditions of the Notes" below or elsewhere in this Prospectus have the same meaning in this section "Risk Factors".

Potential investors should, among other things, consider the following:

Risk factors relating to the Issuer

The Issuer is dependent on the Guarantor and other entities of the Group. The Issuer acts as financing subsidiary of the Guarantor. The principal activity of the Issuer is the provision of loans to members of the Group financed with funds acquired from the capital market, bank loans and loans from other companies of the Group. Its assets mainly consist of financial investments in Group companies, receivables from loans to Group companies, and other receivables owed by Group companies. The Issuer may issue Notes under the Programme in future. As a controlled company, the Issuer has furthermore entered into a control and profit and loss transfer agreement (Beherrschungs- und Gewinnabführungsvertrag) with the Guarantor as controlling company pursuant to which the Guarantor is legally obliged to assume all losses of the Issuer (Verlustübernahme).

The ongoing business activities of the Issuer depend on the ability of the Guarantor and other companies of the Group to fulfil their payment obligations vis-à-vis the Issuer or the obligation to assume losses. If individual or all members of the Group were unable to meet their payment obligations to the Issuer in due time, this could considerably impair the ability of the Issuer to fulfil its obligations arising from the Notes towards the investors.

Risk factors relating to the Guarantor

Market risks

Deutsche Annington is dependent on demographic and economic developments in Germany and in the regional sub-markets where its properties are located. Further, the Group is dependent on its ability to adapt its housing activities to these developments. As Deutsche Annington's properties are dispersed across nearly 550 cities and communities throughout the Federal Republic of Germany ("Germany"), Deutsche Annington's business activities are affected by numerous demographic and economic factors. In particular, developments in and related to the residential property market in Germany and in its regional sub-markets are of significant importance for Deutsche Annington's business and

56 future prospects. These developments play a decisive role in determining housing prices, rent levels, turnover and vacancy rates, as well as home ownership and rental rates and may vary significantly across Germany and within regional sub-markets.

Economic studies forecast that demographic change, including a shrinking and ageing population, will cause the nationwide demand in Germany for accommodation to fall in the long term, although the total number of households is expected to grow by 2.9 per cent. between 2010 and 2025, due to a trend towards smaller household sizes (Source: BBSR — Regional Planning 2030). As of 31 December 2014, approximately 72 per cent. of Deutsche Annington's residential units were concentrated in cities with more than 100,000 inhabitants. Economic and demographic forecasts for metropolitan areas in Germany differ from forecasts for less densely populated regions. In recent years, the population and, consequently, demand for housing have grown faster in German metropolitan areas than in Germany's less densely populated rural regions, where growth has been more moderate or even negative. Such dynamics are expected to continue in the future (Source: BBSR — Regional Planning 2030). Other macro-economic indicators, such as the development of gross domestic product (GDP), unemployment rates, purchasing power and the development of the average household size, are also expected to develop in a diverse manner across the different regions in which the Group owns properties.

Economic and demographic developments significantly impact, among other things, the demand for Deutsche Annington's properties, the rents Deutsche Annington is able to charge and the payment behaviour of Deutsche Annington's tenants. These factors have a significant effect on vacancy rates, Deutsche Annington's revenues and the value of Deutsche Annington's properties. Consequently, Deutsche Annington may be negatively affected by unfavourable economic and demographic developments in Germany or in the regions where its properties are located, which in turn, could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

The slow and uncertain recovery of the global economy from the recent financial and economic crises may result in market volatility, limited access to debt and equity financing and possible defaults by Deutsche Annington's counterparties. Notwithstanding improvements in business conditions since the economic and financial crisis of 2008 and 2009, the global economy continues to experience a slow and uncertain recovery. Persistent issues with the pace of economic growth, instability in the credit and financial markets and weak consumer confidence in many markets may continue to put pressure on global economic conditions. In addition, the current geopolitical crisis in Ukraine and the severe economic sanctions being imposed on the Russian Federation as well as retaliatory actions by the Russian Federation may have negative repercussions for the European economy as a whole. Such instability and the resulting market volatility may also create contagion risks for economically strong countries like Germany and may spread to the German financial sector and the German residential real estate market.

Given the Group's dependence on its ability to access financial markets for the refinancing of its debt liabilities, the continued instability or a further deterioration of the economic environment or the capital markets may reduce Group's ability to refinance its existing and future liabilities. Furthermore, the Group's counterparties, in particular its hedging counterparties, may not be able to fulfil their obligations under the respective agreements due to a lack of liquidity, operational failure, bankruptcy or other reasons.

Any of these risks could have material adverse effects on Group's business, net assets, financial condition, cash flow and results of operations.

The current macroeconomic environment is characterised by low interest rates and comparatively high values of residential real estate portfolios in Germany. Any rise in interest rates could have material adverse effects on the German real estate market and on Deutsche Annington. The recent global financial and economic crisis and the sluggish global economic recovery have resulted in increased uncertainty regarding future economic developments. This uncertainty regarding the general economic outlook has made investment opportunities that provide stable and largely predictable cash flows more popular,

57 such as investments in German residential real estate. This trend has been exacerbated by historically low interest rates in Europe. As a result, property prices and the value of residential real estate companies have increased.

These developments could reverse themselves if, for example, interest rates were to rise, as observed in some parts of the world. A rise in interest rates could be driven by economic conditions, resulting in increased investor interest in investments with a higher risk profile and a decrease in interest in real estate investments. Rising interest rates could adversely impact Deutsche Annington in a number of ways, including:

• Increases in interest rates may make houses difficult to afford for potential customers. Demand for new homes is sensitive to changes in housing affordability. Most new home purchasers finance their home purchases through lenders providing mortgage financing. Lack of availability of mortgage financing at acceptable rates therefore reduces demand for homes. Even if potential customers do not need mortgage financing, changes in interest rates and in the availability of mortgage financing products may make it harder for them to sell their current homes to potential buyers who themselves may need such financing.

• The discount rate used to calculate the value of the Group's properties recorded on the Guarantor's balance sheet in accordance with International Accounting Standard ("IAS") 40 (such value hereinafter referred to as the "Fair Value") tends to increase in an environment of rising interest rates, which in turn could result in Deutsche Annington's properties having a lower Fair Value. For more information, see "Risks Related to the Valuation of Deutsche Annington's Properties — If interest rates change, the market deteriorates or the Group's rent levels or vacancy rates develop unfavourably, Deutsche Annington may be required to adjust the current Fair Values of its investment properties and recognise significant losses".

• Deutsche Annington's strategy of disposing assets from its "Non-Core" portfolio segment at or around Fair Value and pursuing sales of assets from its "Privatise" portfolio segment at a premium to Fair Value could be jeopardised. Income from the sale of properties constitutes an important source of both profit (fiscal year 2013: EUR 52.0 million, fiscal year 2014: EUR 69.0 million) and cash flow (fiscal year 2013: EUR 270.3 million, fiscal year 2014: EUR 329.6 million) for Deutsche Annington. At present, Deutsche Annington's disposal strategy is benefiting from the low-interest economic environment and the prevailing perception of residential real estate as a low-risk investment opportunity. If any of these factors change, Deutsche Annington could be prevented from increasing its portfolio quality and operational efficiency through divestments of assets allocated to the "Privatise" and "Non-Core" portfolio segments.

• Deutsche Annington's business model is currently based on borrowing against its properties. When negotiating financing agreements or extending such agreements, Deutsche Annington depends on its ability to agree to terms and conditions that will provide for interest payments that will not impair its targeted profit, and for amortisation schedules that do not restrict its ability to pay intended dividends. Further, the Group may be unable to enter into hedging instruments that may become necessary if variable interest rates are agreed upon or may only be able to do so at significant costs. If the current low-interest rate environment is followed by one in which high rates prevail, the Group's financing costs, including costs for hedging instruments, may increase.

• As of 31 December 2014, Deutsche Annington took out interest rate hedges for an aggregate of 84.3 per cent of its loans that bear interest at a variable rate. As of 31 December 2014, loans with a total amount of EUR 844.4 million had variable interest rates. The valuation of hedging instruments, which itself depends on the level of interest rates, also impacts the Group's equity and results of operations. Any increase in interest rates would result in an increase in the Group's equity and would have a negative effect on its results of operations.

Any increase in interest rates could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

It could become more difficult for Deutsche Annington to implement its strategy of acquiring residential real estate portfolios or real estate companies on attractive terms, particularly due to the relatively high current market prices for real estate portfolios and real estate companies. Any such development could impair the growth of Deutsche Annington's business and could prevent the Group from generating additional economies of scale and from improving its overall portfolio quality through acquisitions. As part of its business strategy, the Group seeks to capture external growth opportunities by acquiring residential real estate portfolios and real estate companies when these are deemed value-enhancing. Such acquisitions may only be implemented, however, if attractive real estate portfolios or real estate companies are available for purchase at reasonable prices. Given the current high demand for residential real estate in Germany, such portfolios and companies may be unavailable or available only on unfavourable terms. In addition, competitors with asset acquisition objectives similar to those of Deutsche Annington may possess greater financial resources and lower costs of capital than Deutsche Annington. Furthermore, it cannot be guaranteed that the Group will be able to generate sufficient funds to finance such envisaged acquisitions in the future.

Additionally, the supply of real estate portfolios might be limited, for example, due to fewer sales of real estate portfolios by municipalities and federal states. If municipalities and federal states cease privatising or if they reduce their privatisation activities, supply could be constricted, which could increase competition for acquisitions that would be suitable for the Group and result in the prices of residential properties on the German market increasing further. As a consequence of these factors, Deutsche Annington could be forced to pay higher prices or to acquire fewer (if any) properties.

Any inability to acquire residential real estate portfolios or real estate companies could not only impair Deutsche Annington's strategy to capture external growth opportunities but could also jeopardise Deutsche Annington's efforts to improve the quality of its portfolio and to reduce the administrative burden per unit through active sales and acquisitions.

Any inability to acquire suitable properties on attractive terms could limit Deutsche Annington's growth and could have material adverse effects on Deutsche Annington's business, cash flow and results of operations.

Risks Related to the Takeover Offer for Gagfah SA ("Gagfah")

The integration of Gagfah and its consolidated subsidiaries (together the "Gagfah Group") into Deutsche Annington may not be successful or may not go as planned and involve higher costs than expected. On 1 December 2014, Deutsche Annington announced its intention to submit a takeover offer for the acquisition of all shares of Gagfah SA (the "Gagfah Shares" by way of a combined cash and tender offer against shares in the Guarantor and a cash payment (the "Takeover Offer"). On 28 January 2015, the German Cartel Office (Bundeskartellamt) cleared the closing of the Takeover Offer. The Takeover Offer was accepted by the shareholders of Gagfah S.A. for 230,954,655 shares of Gagfah or 93.8% of the outstanding shares of Gagfah. Accordingly, the Company received 218,569,096 tendered Gagfah Shares on 6 March 2015. With the closing of the Takeover Offer, the integration of both groups would be carried out. The integration is expected to take several years and may require considerable personnel capacities and financial resources. For a successful integration, it is also important to integrate both existing staffs, connect different company cultures, harmonise IT-Systems and put into place common processes for the integrated group. In addition, the integration may result in negative effects for contractual or law-related positions of one of the two groups.

Should any of these risks materialise, this may have material adverse effects on the net assets, financial condition and results of operations of the Group.

The expected synergies in connection with the integration of the Gagfah Group may not be realised, or only realised to a small extent, or the achieved synergies may create higher costs than planned. The Guarantor expects that the takeover and subsequent concentration of both portfolios will result in diverse synergies and economies of scale. In particular, it expects that such effects will result from the further development

59 of its craftsmen organisation as well as the development of a combined management organisation, the development of combined central customer service and back office, the development of a purchasing cooperative, the expansion of the multimedia business of the Guarantor to Gagfah, an optimised local management that is based on the division of labour, the use of information technology and the reduction of interest expenses through refinancing and an upgrade of its rating. The Guarantor, however, cannot exclude that the expected synergies and economies of scale will not, or will only to a small extent, occur as originally planned. In addition, the costs required to achieve these synergies may be higher than anticipated. The portfolio of the Gagfah Group could develop differently than originally assumed in its evaluation by Deutsche Annington. In connection with these synergy potentials, there is a possibility of a potentially acquired goodwill. Any goodwill actually accounted for by the Guarantor depends on a variety of factors, such as the acceptance rate of the Takeover Offer and the actual amount of the Gagfah Group's net assets. The potentially acquired goodwill is subject to regular impairment tests and may, if the synergy effects turn out to be lower than expected, result in significant impairments that would have to be recognised in the Group's consolidated income statement. This and other factors may have material adverse effects on the net assets, financial condition and results of operations of Deutsche Annington and may negatively affect the economic results of the takeover.

The Guarantor could not access important documents of the Gagfah Group before the takeover of Gagfah, meaning that there may be unknown circumstances that are of material importance for the evaluation of the Gagfah Group. The Guarantor could not access important documents of Gagfah Group before the closing of the Takeover Offer (due diligence), but has depended on publically available information and its knowledge of the industry. The Guarantor cannot exclude that important circumstances material for the evaluation of the Gagfah Group are not publically known, and therefore have not been reflected in the evaluation of the Gagfah Group and the determination of the amount of the cash and share components of the Takeover Offer. The portfolio of the Gagfah Group may also have developed differently than originally assumed in the valuation by Deutsche Annington. Should important circumstances material for the evaluation of the Gagfah Group become known, they could have material adverse effects on the assets, finances and income of Deutsche Annington and lead to a deterioration of the economic result of the takeover.

The acquisition of the Gagfah Shares in connection with, or as result of, the Takeover Offer may trigger substantial Real Estate Transfer Tax (Grunderwerbsteuer)("RETT") liabilities. Because Gagfah is a holding company with investments in corporations and partnerships with properties in Germany, generally any acquisition of Gagfah Shares within the context of the Takeover Offer could trigger substantial RETT risks. A transaction triggers RETT liability, inter alia, as a result of a legal entity or its affiliates directly or indirectly, legally or beneficially, acquiring at least 95 per cent. of the shares in a company with real estate in Germany, or as a result of such a transaction being agreed upon. In addition, where a partnership holds domestic real estate, RETT is also triggered if at least 95 per cent. of the interests in the partnership are directly or indirectly, legally or beneficially, transferred to new partners within any period of five years.

In the above-described cases, the RETT liability is generally calculated on the basis of the so-called demand value (Bedarfswert) multiplied by the applicable tax rate. Such RETT rates range between 3.5 per cent. and 6.5 per cent. depending on the respective German State. The demand value of a developed property amounts to 12.5 multiplied by the annual rent agreed upon at the time the taxation is triggered, reduced by a decrease in value due to age, pursuant to Section 146 of the German Valuation Act (Bewertungsgesetz). However, the relevant demand value must not fall short of the value of the real property if it were appraised as undeveloped land. The annual rent is generally the total amount that the lessor must pay for the use of the developed property for a period of twelve months whereby operating costs are not included. Pursuant to the annual report of Gagfah for the fiscal year 2013, the annual rent for the entire portfolio of Gagfah amounted to approximately EUR 830 million (it cannot be excluded, that the annual rent shown in such annual report deviates from the annual rent defined in Section 146 of the German Valuation Act (Bewertungsgesetz)).

Deutsche Annington expects that RETT will be triggered, in aggregate, in a low to medium double-digit million Euro amount at the level of Gagfah, provided that 95 per cent. or more of the Gagfah Shares are transferred within the context of the Takeover Offer and the RETT structure of Gagfah is not optimised from a RETT perspective prior to the transfer of the Gagfah Shares.

In addition to the RETT risk described in the preceding paragraph, any acquisition of Gagfah Shares within the context of the Takeover Offer could trigger substantial additional RETT risks at the level of Gagfah. Deutsche Annington is currently not in a position to precisely assess such additional RETT risks, inter alia, since such assessment depends on information not publicly available and the consequences of recent case law remains unclear. Deutsche Annington estimates the likelihood that any such risk will materialise is remote. However, it cannot be excluded that, in connection with, or as result of the Takeover Offer, a substantial RETT liability significantly exceeding the amounts already identified in the preceding paragraph may be triggered at the level of Gagfah.

Should any such RETT risks materialise, this could have material adverse effects on the assets, financial position, cash flow and income of the Group.

The acquisition of the Gagfah Shares by the Guarantor will lead to a loss of all or nearly all tax-loss and interest carryforwards of Gagfah. As of 31 December 2013, the companies of the Gagfah Group reported corporate tax loss carryforwards of EUR 1,761.7 million (31 December 2012: EUR 1,640.2 million), trade loss carryforwards of EUR 831.0 million (31 December 2012: EUR 716.5 million) and interest carryforwards of EUR 294.6 million (31 December 2012: EUR 239.0 million). If, within five years, more than 50 per cent. of the subscribed capital, membership rights, ownership rights or voting rights of Gagfah will be transferred directly or indirectly to an acquirer (harmful acquisition of shares (schädlicher Beteiligungserwerb)) and subject to certain exceptions, these loss- and interest carryforwards rights are lost completely. In the case of a harmfully acquired stake between 25 per cent. and 50 per cent., they are partially lost.

At the end of the additional acceptance period pursuant to Section 16 para. 2 sentence 1 of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG), i.e. at the end of 9 February 2015, the Guarantor has been offered 230,954,655 shares of Gagfah or 93.8% of the Gagfah Shares and acquired 218,569,096 shares of Gagfah in the Takeover Offer, which will result in the full – or, through activation of certain overriding exemptions, nearly full – elimination of loss or interest carryforwards of the Gagfah Group.

The acquisition of the Gagfah Shares by the Guarantor could have an effect on the tax deductibility of interest expenses, which may result in a higher tax burden. In the ordinary course of business, the companies of the Group and of Gagfah have entered into numerous financing transactions with third parties, including, for example, the financing of acquisitions of real estate portfolios. These debt financing arrangements require the groups to pay principal and interest. Since 2008, the tax deductibility of debt interest may have been limited by Section 4h German Income Tax Act (Einkommensteuergesetz) in conjunction with Section 8a German Corporate Tax Act (Zinsschranke) ("Earning Stripping Rules"). Because of the Earning Stripping Rules, the deductibility of net interest expense by a business is generally limited to 30 per cent. of taxable EBITDA (taxable income adjusted for earnings before interest, taxes, depreciation and amortisation), unless certain exceptions apply, such as the Escape Clause (as defined below under "—Regulatory and Legal Risks—The tax authorities might not accept all tax deductions for interest payments in the past due to uncertainties regarding German regulation of earning stripping rules. Further, the Group’s tax burden may increase as a consequence of a future change in the Company’s shareholder and/or the Group’s corporate structure."). Any non-deductible amount may only be carried forward to future periods and may be deductible in future years under certain circumstances.

The acquisition of Gagfah Shares by the Guarantor as well as the capital and financing measures by the Guarantor influence equity ratios. This could lead to an increase in non-deductible interest expenses in the companies of the

Group. As a result, this could subsequently lead to a higher tax burden and thus have material adverse effects on the assets, cash flow, financial position and income of the Group.

The financing of the Takeover Offer as well as any necessary refinancing of financial liabilities of the Gagfah Group in connection with the takeover may fail. The Guarantor took actions to provide the financial means to finance the Takeover Offer as well as any necessary refinancing of financial liabilities of the Gagfah group in connection with the takeover, consisting of, primarily, securitised mortgage-backed loans, further mortgage-backed property loans and convertible bonds (together, "Gagfah Financial Instruments").

The Issuer concluded the Syndicated Bridge Facilities Agreement ("DA Credit Agreement") as a borrower on 1 December 2014. The DA Credit Agreement includes a facility A ("Facility A") in an amount, which, together with the proceeds from the issue of the hybrid bond in December 2014, exceeds the cash component required to settle the Takeover Offer, and a facility B ("Facility B"), which is to be used to refinance the liabilities of the Gagfah Group. Facility A, in particular, is intended to serve for the payment of the cash contribution within the context of the Takeover Offer of approximately EUR 2,048.7 million in cash as well as for the payment of the costs in connection with the preparation and implementation of the Takeover Offer. Facility B is intended to serve, in particular, for the refinancing of any of the Gagfah Financial Instruments.

On 10 March 2015, the Issuer drew a line under the Facility A in an amount of EUR 923,000,000 for the cash component required to settle the Takeover Offer.

The Guarantor may make use of the means available through the DA Credit Agreement if certain limited conditions and certain documentation requirements are present and fulfilled (insofar as the creditor does not waive them), certain further conditions exist and certain guarantees at the time of the draw-down of the facility are true and accurate. It is possible that the conditions for the draw-down of the DA Credit Agreement will not be fulfilled in a timely manner. In addition, it is possible that in certain situations, material events of default in relation to the DA Credit Agreement occur and are continuing before payment and the DA Credit Agreement would then be cancelled. This would mean that the means from the DA Credit Agreement for financing the Takeover Offer and any necessary refinancing of the Gagfah Financial Instruments would no longer be available.

Should any of these risks materialise, this could lead to the failure of the Takeover Offer and could have material negative effects on Deutsche Annington as well as the price of the Guarantor's shares and the Gagfah Shares.

The Gagfah Financial Instruments or other agreements of Gagfah Group could contain conditions that are triggered in connection with or as result of the Takeover Offer and, possibly, make a significant refinancing of the Gagfah Financial Instruments necessary or lead to a loss of benefits from the other agreements. The Gagfah Financial Instruments total EUR 4.73 billion as of 30 September 2014. The Gagfah Financial Instruments or other agreements of the Gagfah Group may include change of control provisions that, in the event of a change of control related to the implementation of the Takeover Offer, provide for special prepayment obligations of the creditor from the Gagfah Group or termination rights of the creditor.

Moreover, the Gagfah Financial Instruments or other agreements of Gagfah may include other termination rights that are triggered in connection with or as a result of the Takeover Offer (e.g., "cross default" provisions, which allow the creditor to accelerate the Gagfah Financial Instruments or to cancel the Gagfah Financial Instruments and other agreements of the Gagfah Group if other liabilities of the Gagfah Group are not paid when due, if they become due before their scheduled maturity or if the creditor is entitled to accelerate its claims).

In the event that termination or redemption rights exist, it cannot be excluded that individual banks or other creditors are forced, or want, to terminate the existing Gagfah Financial Instruments following the closing of the Takeover Offer and based on this or other reasons will exercise their termination rights. Insofar as Gagfah Financial Instruments are accelerated or otherwise subject to repayment, the Guarantor would refinance the Gagfah

Group. For this purpose, the DA Credit Agreement provides additional financing for the refinancing of the Gagfah Group's liabilities by the Guarantor. In this case, the Guarantor might only be able to refinance its own operations under difficult conditions. In the event that Gagfah Financial Instruments are accelerated or otherwise subject to repayment, Gagfah must, if applicable, pay a prepayment premium. Insofar as other agreements of Gagfah Group are accelerated under existing termination rights, Gagfah may lose the benefits of these agreements.

Should any of these risks materialise, this may have material adverse effects on the assets, financial position and income of the Group.

The fixed exchange ratio between the Gagfah Shares and the shares offered by the Guarantor does not reflect market changes. The shareholders of Gagfah will, as part of the offer consideration, receive a cash payment of EUR 122.52 and a total of 5 shares in the Guarantor for every 14 Gagfah Shares, without the shares offered by the Guarantor having a fixed market value. The market value of shares offered by the Guarantor and the Gagfah Shares, at the time of the closing of the Takeover Offer, may vary from their value at the date hereof or the date on which the shareholders of Gagfah offer their Gagfah Shares.

Risks related to Deutsche Annington's business

Deutsche Annington is exposed to risks related to the structural condition of its properties and their modernisation and maintenance. The Group's loan and purchase agreements require Deutsche Annington to invest specified amounts in certain portfolios. Such requirements may lead to a sub-optimal funds allocation. In order to ensure the safety of a rental property's inhabitants, sustain demand for a rental property and generate adequate revenue over the long term, a property's condition must be maintained or improved to a standard that satisfies technical requirements and meets market demand. Failure to maintain the technical soundness of a rental property poses a risk to the health and safety of Deutsche Annington's tenants and employees. Typically, the costs associated with maintaining a rental property at market standards are borne primarily by the property owner. If maintenance and modernisation are required to meet changing legal or market requirements (e.g., with regard to energy efficiency or health and safety requirements), the property owner may be burdened with substantial expenses. In Germany, rent increases may be introduced to compensate for these expenses only under certain conditions, and these rent increases may not exceed a certain percentage of the costs incurred in connection with certain modernisation measures. In addition, Deutsche Annington may not be able to increase rents to the extent legally permissible as a result of prevailing market conditions or the inability of tenants receiving state aid (as is the case for a part of Deutsche Annington's tenants) to afford these increased rents or otherwise.

Although Deutsche Annington has a reporting system in place to monitor and budget necessary maintenance and modernisation measures, numerous factors may generate substantial unbudgeted costs for maintenance and modernisation. These factors may include the material and substances used at the time of construction, currently unknown building code violations and/or the age of the relevant building. Approximately 74 per cent. of Deutsche Annington's residential real estate units were built between 1949 and 1980, and approximately 15 per cent. were built prior to 1949 (calculated on the basis of the floor area as of 31 December 2014).

Deutsche Annington would incur additional and unexpected costs if the actual costs of maintaining or modernising its properties were to exceed Deutsche Annington's estimates, if Deutsche Annington is not permitted to raise rents in connection with modernisation and maintenance or if hidden defects not covered by insurance or contractual warranties are discovered during the maintenance or modernisation process.

In addition, with respect to some of the properties in its portfolio, Deutsche Annington also entered into obligations under its loan and purchase agreements to spend minimum average amounts per sqm on maintenance and modernisation. This may restrict the Group's ability to focus on otherwise planned modernisations and may thus result in a sub-optimal allocation of funds.

The Guarantor's failure to undertake appropriate maintenance and modernisation work in response to the factors described above could adversely affect the rental income earned from affected properties. Such a failure could entitle tenants to withhold or reduce rental payments or even to terminate existing letting contracts. Any such event could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Deutsche Annington may be unable to sell any portion of its portfolio on favourable terms or may be unable to do so at all. The real estate market, in which Deutsche Annington invests and operates, is characterised by limited liquidity. Deutsche Annington's general ability to sell parts of its real estate portfolio depends on the state of investment markets and on market liquidity. If Deutsche Annington were required to sell parts of its real estate portfolio, including for the purpose of raising cash to support its operations, there is no guarantee that the Group would be able to sell such parts, or the whole, of its portfolio on favourable terms or at all. In addition, existing contractual obligations under purchase agreements restrict Deutsche Annington's ability to sell certain parts of its portfolio. As of 31 December 2014, approximately 38,000 residential units were subject to such restrictions. In the case of a forced sale of all or part of Deutsche Annington's real estate portfolio, for example, if creditors realise collateral, there would likely be a significant shortfall between the price obtained and the carrying amount of the portfolio sold.

Any such shortfall could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Deutsche Annington bears risks in connection with possible acquisitions and investments. These risks include unexpected liabilities, greater indebtedness, higher interest expenses and challenges with respect to the integration of newly acquired businesses and achieving anticipated synergies. In addition, transaction costs for the acquisition of real estate may increase due to a recent change in German tax law. Furthermore, real estate portfolios or real estate companies that may be acquired in the future may not develop as favourably as expected. As part of Deutsche Annington's strategy, Deutsche Annington evaluates property portfolios and real estate companies in order to identify those that might fit both its existing property portfolio and its current management platform and which Deutsche Annington believes might improve the quality of its portfolio. In the past, Deutsche Annington has carried out several takeovers of real estate companies, including, most recently, a portfolio of around 11,500 residential units managed by DeWAG ("DeWAG") that closed on 1 April 2014 (the "DeWAG Acquisition"), the takeover of certain entities of the Vitus Real Estate Group comprising around 30,000 residential units which closed on 1 October 2014 (the "Vitus Group Takeover"). Additionally, on 29 August 2014, an acquisition of around 5,000 residential units and around 210 commercial units was agreed on with various entities of CitCor Residential Group, a joint venture of Citigroup Property Investors and CORPUS SIREO ("CitCor"). In December 2014, this agreement was partially rescinded and the Guarantor and various entities of CitCor agreed on the purchase of 94.9 per cent. of certain portfolio-holding companies of CitCor by the Guarantor. Closing of both transactions is expected to ultimately include 5,100 residential units and around 210 commercial units and to occur on 1 April 2015.

Direct and indirect investments in property involve considerable risk. Apart from the risks associated with the acquired properties or companies themselves, acquisitions occupy management resources that then cannot be deployed elsewhere in Deutsche Annington. The Guarantor's acquisition of additional property portfolios and real estate companies can be financed by taking on additional debt or by issuing new shares in the capital markets or by a combination thereof. If Deutsche Annington is unable to obtain the necessary capital on reasonable terms, it may be unable to make further acquisitions, may be able to do so only to a limited extent or, if debt financing is available, may be able to do so only by taking on additional debt. Any additional debt incurred in connection with future acquisitions could have a significant negative impact on the Group's performance indicators - net asset value ("NAV") and loan-to-value ratio ("LTV-Ratio") - and could result in higher interest expenses for the Group. If the

Group is no longer able to obtain the debt or equity financing it needs to acquire additional property portfolios, or if it is able to do so only on onerous terms, its further business development and competitiveness could be severely constrained.

Furthermore, Deutsche Annington may only be able to conduct limited due diligence on the properties, entities or companies in question. Accordingly, the Group may not be in a position to examine whether the original owners of the properties, and/or the properties themselves, have obtained all required permits for new buildings, satisfied all permit conditions, received all necessary licenses and fire, health and safety certificates or satisfied all comparable requirements. In addition, the properties may suffer from hidden defects, such as contamination, and may thus require significant modernisation investments. Moreover, Deutsche Annington may not be in a position to carry out all follow-up investigations, inspections and appraisals/inventories (or to obtain the results of such inquiries). Accordingly, in the course of the acquisition of companies or residential and other property portfolios, specific risks may not be, or might not have been, recognised or evaluated correctly. Thus, legal and economic liabilities may be, or might have been, overlooked or misjudged. Although sellers typically make various warranties in purchase agreements that Deutsche Annington enters into in connection with such property acquisitions, it is possible that these warranties do not cover all risks or that they fail to cover such risks sufficiently. Additionally, a warranty made by a seller may be unenforceable due to the seller's insolvency or for other reasons. In some cases, a seller makes no representation or warranty as to the completeness and correctness of the information that is made available in the context of a due diligence investigation, or as to whether such information remains correct during the period between the conclusion of the due diligence investigation and the closing of the relevant acquisition.

As a consequence, in particular in the case of acquisitions of large-volume property portfolios, such as the recently closed DeWAG Acquisition and the Vitus Group Takeover, Deutsche Annington could overestimate earning potential and synergies, underestimate the rental and cost risks and consequently pay a purchase price higher than the portfolio's actual value. Furthermore, the property portfolios could be inaccurately appraised by Deutsche Annington for other reasons, even if they were acquired on the basis of valuation reports and due diligence reviews. Therefore, neither a particular target return from rentals, nor, if applicable, a certain price upon resale can be guaranteed with respect to acquired property portfolios.

Comparable risks could arise if Deutsche Annington acquires participations in real estate companies. Here, too, Deutsche Annington could overestimate the earning potential and synergies associated with the participation to be acquired, or could underestimate the liabilities and risks inherent in the real estate company in which it is to acquire a participation, and could consequently pay a purchase price higher than the actual value of the investment.

Accordingly, such risks can arise despite a thorough due diligence investigation, and they could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Further, due to a change in law, it became significantly more difficult to purchase real estate portfolios without triggering Real Estate Transfer Tax ("RETT") (Grunderwerbsteuer). Until June 2013, real estate companies were often able to structure real estate transactions in a tax-neutral way by means of third-party structures that resulted in an economic participation of the acquirer in the purchased real estate of nearly 100 per cent. without triggering RETT. According to the new law, the payment of RETT can generally only be avoided if the direct and indirect holdings of the Guarantor in the newly acquired real estate holding entity, when taken together, do not reach 95 per cent. Accordingly, if Deutsche Annington intends to purchase real estate holding entities in a tax-neutral way, it may have to partner with one or more third parties that acquire more than 5 per cent. in the entity. This may make the acquisition process significantly more complex, may result in stronger minority rights for the partner and may ultimately increase acquisition costs and future administrative burdens in respect of the newly acquired entity.

Moreover, portfolios and companies that may be acquired in the future may not develop as favourably as expected. For example, targeted rent increases may not be implemented as planned due to a lack of tenants who are willing or able to pay increased rents, or vacancy rates may increase, for example, due to unfavourable demographic or economic developments.

A failure to achieve the desired results via acquisitions or investments could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Future acquisitions may not close or not as originally contemplated, for example, due to conditions in the acquisition agreement or a failure to reach final agreements on the acquisition loan documentation. In planned acquisitions of real estate, real estate portfolios or real estate companies, unforeseen problems could arise, for example, in the form of substantial economic or legal impediments to a takeover. For example, the Vitus Group Takeover was subject to a number of closing conditions and contained certain rights of withdrawal for both parties. If certain conditions precedent set out in the investment agreement had not been fulfilled or if the parties would have failed to reach final agreements with respect to loan documentation entered into in connection with this transaction, the Vitus Group Takeover might not have occurred in the form and/or within the timeframe originally contemplated. The same applies for the CitCor takeover, the closing of which is subject to a range of closing conditions.

In the event of a failure of other future acquisitions, Deutsche Annington would have to bear the associated transaction costs without receiving any of the intended results and benefits from the envisaged acquisition. The realisation of this risk could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Deutsche Annington plans significant investments in modernisation measures, which may not generate the expected return. Over the next five years, Deutsche Annington plans to invest approximately EUR 800 million in modernisation measures, including more than EUR 200 million forecast for 2015. The modernisation measures focus on energy- efficient modernisation of buildings, modernisation of individual apartments for senior living and high-standard refurbishments in markets where fully refurbished apartments are expected to deliver a rental premium. Deutsche Annington targets a yield of approximately 7 per cent. on the invested capital, which Deutsche Annington expects to contribute approximately 1 per cent. to the targeted annual Group-wide in-place rent growth from 2015 onwards.

In the past, the Group has shown that it is able to generate an average yield of approximately 7 per cent. on invested capital. The recently invested amounts, however, have been significantly smaller, and Deutsche Annington faces the risk that it may not be able to generate these returns on the basis of a significantly expanded investment programme. In particular, Deutsche Annington's projections of the future demand for apartments suitable for senior living and energy-efficient apartments may turn out to be inaccurate, or customer preferences may change. Furthermore, Deutsche Annington may face management challenges to oversee and organise such enlarged investment programmes or may not be in a position to find sufficient investment opportunities to invest the budgeted amount per year. Management may make investment decisions that turn out to be less profitable than expected as a result of insufficient information or lack of knowledge of the facts. In addition, Deutsche Annington may not be able to pass on the costs of these modernisation measures to its customers if the customers are unable to afford rent increases as a result of these modernisation measures. Further, the Group may be restricted in its ability to finance the investment programmes through loans or other debt instruments depending on Deutsche Annington's current and future debt level and structure.

The materialisation of any of the risks described above could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

In connection with several key acquisitions, Deutsche Annington has entered into contractual obligations that restrict its ability to freely divest parts of its portfolio, to transfer or terminate employment relationships or to increase rents for certain units, and thereby potentially prevent the Group from extracting the maximum value from the affected properties. Residential real estate transactions often include contractual clauses that restrict a buyer's right to divest the acquired portfolio or increase rent on the acquired units. Furthermore, sellers often restrict the buyer's right to terminate existing leases, which reduces the attractiveness of the affected units for prospective purchasers. Such

66 restrictions are especially common in connection with the privatisation of publicly-owned property, where the selling public authorities (particularly cities and municipalities) often intend to mitigate potential social effects of such transactions, or when these portfolios are subsequently sold on to third parties. Usually, most obligations lapse in full or in part after a certain period of time. As of 31 December 2014, approximately 93,000 of the Group's residential units were subject to certain contractual restrictions (of which 80,000 had preferential occupancy rights (Belegungsrechte)) with approximately 42,000 units being subject to multiple restrictions. These limitations include in particular:

• Restrictions on sales. In total, as of 31 December 2014, approximately 38,000 residential units were subject to selling restrictions (excluding preferential occupancy rights), of which approximately 17,000 residential units may not be freely sold before a certain date. Such selling restrictions include total or partial bans on divesting residential units, pre-emptive rights (with or without preferential terms) and provisions which require the consent of specified delegates of the original seller before a sale. Depending on the contractual arrangements, 98 per cent. of the selling restrictions will lapse by 31 December 2016.

• Preferential pre-emptive purchase rights. Approximately 6,000 residential units may only be sold if the tenants are given preferential pre-emptive purchasing rights, meaning that Deutsche Annington is required to offer the residential units to such tenants at a discount of between 10 per cent. and 15 per cent. of the price that would be achievable if the residential units in question were sold to a third party.

• Restrictions on the termination of lease agreements. Restrictions on termination of lease agreements affect approximately 15,000 residential units. These restrictions include termination for reason of personal use and being able to make appropriate economic use and in many cases must be accepted by acquirers of the residential units.

• Minimum maintenance spending and restrictions on modernisation and maintenance. Approximately 31,000 residential units fall within the scope of a covenant to spend an average of at least EUR 12.78 per sqm per year on maintenance and modernisation by 31 December 2016. In addition, approximately 49,000 residential units are affected by restrictions on modernisation and maintenance measures aimed at changing the socioeconomic mix of tenants (so-called luxury modernisations (Luxusmodernisierungen)). Of the latter restrictions, 64 per cent. will expire by 31 December 2016.

• Restrictions on rent increases. Restrictions on rent increases (comprising mainly consent requirements for modernisations that result in a higher rent, including luxury modernisations) affect approximately 49,000 residential units. These restrictions may prevent Deutsche Annington from fully realising the potential rents of the affected units.

• Special protection for employees. Approximately 500 Deutsche Annington employees are subject to special protections against dismissal, such as guarantees that their employment cannot be terminated due to operational conditions or the transfer of employment contracts (Betriebsübergang). In the case of 94 employees, Deutsche Annington is required to pay a contract penalty of EUR 500,000 per employee per month if it infringes upon these covenants. The penalty only becomes due if the alleged breach of the covenant is reported within a two-month period following the event giving rise to the penalty. The breach, however, may be retroactively cured within a six-month period in order to avoid the penalty. These special employee protections will expire on 8 February 2020.

In addition to these contractual obligations entered into in connection with acquisitions, Deutsche Annington has received subsidies from public authorities which restrict the level of rents chargeable on a part of Deutsche Annington's portfolio. For more information, see "—Deutsche Annington has received subsidies from public authorities which restricts the level of rents chargeable on a part of Deutsche Annington's portfolio. Providers of the subsidised loans may also unilaterally exercise their right to increase the rate of interest payable on such loans". Deutsche Annington has also entered into loans subject to covenants restricting the sale of properties or prescribing minimum selling prices. For more information on the risks related to these covenants, see "—Financial

Risks—If the Guarantor or other Group companies breach financial covenants or other provisions in connection with any existing or future bonds, notes or other debt instruments or under any existing or future loan agreements, Deutsche Annington may be required to bear higher interest costs or fully repay the relevant bonds, notes, debt instruments or loans before they become due, and security trustees or creditors could seize or realise significant collateral furnished by Deutsche Annington".

Some of the aforementioned restrictions may limit Deutsche Annington's ability to attractively market parts of its portfolio, which in turn could potentially force the Group to pass up opportunities for streamlining and generating profit. They could thereby lower the Fair Value of the Group's property portfolio and limit its ability to generate cash flow from selective divestitures. This could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Deutsche Annington has established a caretaker and craftsmen organisation to insource its on-site support services and for which it has recruited a large number of employees. This insourcing policy has significantly increased its personnel expenses and other fixed costs and continues to pose a management challenge. In late 2011, Deutsche Annington started insourcing certain caretaker and craftsmen services previously performed by third parties with the objective of improving customer satisfaction and targeting cost savings through savings on value added tax ("VAT") (Umsatzsteuer) and on margins previously charged by third-party providers. The Group established its own caretaker organisation, which performs traditional caretaker tasks as well as local quality management and coordination, and a craftsmen organisation, which handles maintenance and repairs. In this context, Deutsche Annington hired more than 2,000 new employees, roughly doubling its headcount. The increase in headcount led to a rise in personnel expenses and other fixed costs and will continue to negatively affect such fixed costs in the future.

Further, the insourcing of personnel has placed and may continue to place a strain on Deutsche Annington's management and administrative, operational and financial infrastructure. The Group's ability to manage its operations and growth requires the continuous improvement of operational, financial and management controls, reporting systems and procedures. Additionally, if, as a result of business or economic conditions, Deutsche Annington was to scale down its business operations, it would be substantially more difficult for the Group to reduce its headcount than to reduce the services provided by third-party contractors. Any of these circumstances could result in higher costs than expected. Deutsche Annington may not be able to compensate for these increased costs by generating the targeted savings.

Despite the existing quality control procedures, the quality of services rendered by Deutsche Annington's own employees could fall below the level of the services previously performed by third-party contractors and reduce the attractiveness of Deutsche Annington's properties. Moreover, if services rendered by Deutsche Annington's craftsmen organisation are not performed as scheduled or if the quality of work falls below applicable standards, Deutsche Annington may face claims from its tenants or may not be in a position to re-let vacant units that require maintenance and modernisation before new tenants can move in. Since these tasks are performed within the Group, Deutsche Annington will not be in a position to claim compensation for damages from third parties resulting from non-performance or improper performance by Deutsche Annington's craftsmen organisation.

The materialisation of any of the risks described above could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

In addition to residential property management and non-core income from the real estate portfolio, Deutsche Annington's business includes single unit sales (privatisations), which may result in some units of the developed condominiums remaining unsold. The unsold units may require greater administrative resources and may lead to additional expenses and other negative consequences for the Group. As part of its business strategy, Deutsche Annington intends to selectively sell individual residential units to owner- occupants or small capital investors in single unit sales (privatisations). In general, individual residential units can

68 be sold at a premium compared to bulk sales of residential properties and at prices exceeding their Fair Value. In executing these sales, Deutsche Annington sells individual units but not necessarily all units within a building.

Management of partially sold properties may require greater administrative resources than the management of units in properties entirely owned by Deutsche Annington. For example, owners of units in a residential property may decide on measures which concern the property as a whole by majority vote at the unit owner's assembly convened by the facility manager. If Deutsche Annington sells only individual units in a property it currently owns, it may lose its ability to control decision-making and could be forced to comply with decisions passed by a majority of the owners of other units in the relevant property with respect to property management, such as the performance of maintenance and modernisation, which could be economically impractical and might result in the incurrence of additional costs. Since Deutsche Annington would have to bear a proportionate share of these costs, this could adversely affect Deutsche Annington's profitability. As of 31 December 2014, approximately 9,000 of Deutsche Annington's residential units were part of properties in which Deutsche Annington does not have a majority vote in the unit owner's assembly.

In addition, pursuant to the German Condominium Act (Wohnungseigentumsgesetz), condominium owners may only engage a facility manager for a maximum of five years. Thereafter, the contract must be renewed or another manager can be engaged. Upon the expiration of the applicable contract, Deutsche Annington might not be reappointed as facility manager with respect to partially sold residential properties. If Deutsche Annington is not reappointed, this could increase the risk that the newly appointed facility manager may make decisions unfavourable for Deutsche Annington.

The occurrence of any of these risks could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Deutsche Annington could be exposed to risks from residual pollution including wartime ordinance, soil conditions and contaminants in building materials, as well as possible building regulation violations. Some of the buildings in Deutsche Annington's real estate portfolio are located at mining sites and may suffer damage caused by mining activities. It is possible that the properties Deutsche Annington owns or acquires may contain ground contamination, hazardous materials, other residual pollution or wartime ordinance. For example, in several of the Group's units, so-called floor-flex plates that contain small quantities of asbestos were used as floor covering. These floor-flex plates contain non-friable asbestos from which asbestos fibres are usually not released. Except in the event of structural alterations, there is generally no obligation to remove such non-friable asbestos under currently applicable German federal state asbestos regulations (Asbest-Richtlinien). Nevertheless, Deutsche Annington bears the risk of cost-intensive remediation and removal of the aforementioned hazardous materials, other residual pollution, wartime ordinance or ground contamination. In addition, some properties sold to unaffiliated entities were exposed to oil and chemical soil contamination and Deutsche Annington was required to carry out on-site environmental remediation with respect to such properties. The Group has made provisions for the future cost of such remediation measures but the provisions may prove to be insufficient. The discovery of further residual pollution or wartime ordinance, particularly in connection with the lease or sale of properties, can also trigger claims for rent or purchase price reductions, damages and other breach of warranty claims or lease terminations. The remediation of any pollution or wartime ordinance and related additional measures may negatively affect Deutsche Annington and involve considerable additional costs. Deutsche Annington is also exposed to the risk that it may no longer be able to take recourse against the polluter or the previous owners of the properties. The existence or even suspected existence of wartime ordinance, hazardous materials, other residual pollution or ground contamination can negatively affect the value of a property and Deutsche Annington's ability to lease or sell such property. Moreover, building components may contain hazardous substances (such as asbestos, polychlorinated biphenyl (PCB), dichlorodiphenyltrichloroethane (DDT), pentachlorophenol (PCP) and Lindane), or properties acquired may pose other environmental risks and Deutsche Annington may be responsible for their removal.

Deutsche Annington's business is also exposed to risks associated with noncompliance with building codes or environmental regulations. These regulations are often implemented retroactively, affecting previously developed properties, and therefore require Deutsche Annington to modernise existing buildings so that they comply with these stricter standards. Even though the Guarantor conducts inspections during the acquisition of individual properties, there is a risk that building codes or environmental regulations were not complied with. It is also possible that landlord responsibilities could be further expanded, particularly with respect to fire protection and environmental protection, which could require additional maintenance and modernisation measures (see " — Regulatory and Legal Risks—Deutsche Annington's business is subject to the general legal environment in Germany. Any disadvantageous changes in the legal environment, such as mandatory environmental modernisation provisions, restrictions regarding modernisation measures or provisions (including taxes) that result in the incurrence of costs in the event of a property sale may be detrimental to Deutsche Annington"). In addition, the properties owned by Deutsche Annington have an average age of approximately 55 years (age of the buildings as of 31 December 2014 weighted by rental space) which may lead to an additional need for expensive modernisation and maintenance measures. The projected cost of such measures is based on the assumption that the required permits are issued promptly and in accordance with Deutsche Annington's plans. It is possible, however, that the required permits for such measures will not always be issued promptly. If such permits are not issued promptly, or are issued only subject to conditions, substantial delays in addressing the concerns can occur and can result in costs exceeding those projected and reduce residential in-place rents for the relevant properties.

As of 31 December 2014, approximately 14,650 of Deutsche Annington's buildings were located in the Ruhr region; approximately 1,500 buildings thereof were located on sites affected by mining activities conducted at depths of up to 100 metres below the surface. Of these 1,500 buildings, Deutsche Annington has, based on a risk evaluation, identified approximately 900 buildings as being located at sites which present a risk of future clean-up costs and other environmental liabilities due to their surface structure.

Although, under German mining law, surface damages occurring within the sphere of influence of underground mining are assumed to result from mining activities, former mining operators and their legal successors, who are ultimately responsible for any such potential damages, may be able to refute this assumption. These operators may no longer exist or may lack sufficient funding and therefore or due to legal reasons or due to the fact that Deutsche Annington has waived its claims, Deutsche Annington may no longer be able to take recourse against them. Furthermore, when real estate is damaged by past or current deep-mining activities in the northern Ruhr area of Germany, the Guarantor's ability to recover the cost of any required remediation, which may be substantial, or any compensation from the relevant mining companies could be impaired by waiver agreements entered into with certain mining companies. The presence of any such mining damage, or the failure to remediate such damage properly, could also adversely affect Deutsche Annington's ability to sell or lease affected real estate or to obtain financing using the real estate as collateral. Additionally, mining damage may injure tenants, for which the Guarantor may be required to pay compensation.

The occurrence of any of these risks could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Deutsche Annington has a strategic partnership with Deutsche Telekom Group under which Deutsche Annington is obligated to pay fixed fees per residential unit regardless of Deutsche Annington's ability to pass on those costs to its tenants. In addition, Deutsche Annington employs and works together with a large number of service providers and is dependent on their performance. At the end of fiscal year 2011, Deutsche Annington entered into a strategic partnership with Deutsche Telekom Group in order to equip 145,000 residential units throughout Germany with cable television and equip most of those units with modern fibre-optic technology. Work started on implementing the project at the beginning of 2012 and by the end of fiscal year 2014, more than 55,000 residential units were connected. As part of the cooperation, Deutsche Multimedia Service GmbH ("DMS"), a wholly-owned subsidiary of Deutsche Annington, is obligated to order the supply of basic television and radio signals for 145,000 residential units and to pay a fixed monthly fee for each residential unit supplied, irrespective of Deutsche Annington's ability to resell television and radio signals

70 to its tenants. Furthermore, DMS has agreed to pay a staggered share of the costs that may be required for modernising the cable network according to mandatory legal requirements. As of 31 December 2014, the Group had recognised contingent liabilities of EUR 194 million with respect thereto. Deutsche Annington's successful completion of this project on economically reasonable terms depends on the acceptance, cooperation and consent of third parties. In particular, Deutsche Annington is dependent on its ability (i) to terminate contracts with existing cable service providers, (ii) to facilitate the switching of signals by cable service providers and prepare tenants to receive the new Deutsche Telekom Group signals, and (iii) to modernise the existing residential cable networks of the housing units that may be owned by third parties or to install new cable networks. In addition, if German legislation concerning the basic supply of television and radio signals by landlords were to change and restrict the revenues from charges passed on to tenants, this could substantially affect Deutsche Annington's business model.

Deutsche Annington employs and collaborates with a large number of service providers, including energy providers and providers of gardening, house cleaning and winter services and therefore depends on their performance. No assurance can be given that such services will be rendered in a timely manner or that their quality will comply with the Guarantor's requirements. Moreover, certain contractors may experience operational or solvency issues and certain services may become unavailable to Deutsche Annington as a result. Any failures by contractors may result in delays and additional expenses for the Group.

All of these factors could have material adverse effect on Deutsche Annington's business, net assets, financial conditions, cash flow and results of operations.

Deutsche Annington may be liable to cover rent shortfalls pursuant to a guarantee given to a real estate fund. One of the Guarantor's subsidiaries, Deutsche Annington Immobilien-Dienstleistungen GmbH ("DAID"), was engaged in 1998 by a closed-end real estate fund held by DB Real Estate (the "DB Fund"), a subsidiary of Deutsche Bank Aktiengesellschaft, to construct a residential building consisting of 510 residential units, ten commercial units and 255 parking spaces in the centre of Berlin. Following the completion of this building, the DB Fund granted DAID an extended usage right expiring on 31 August 2044. In exchange, DAID agreed to make annual payments to the DB Fund pursuant to a schedule providing that such payments will increase annually through 2044. The annual payments DAID is obligated to make to the DB Fund do not correlate to the number of units leased, (i.e., DAID must pay rent regardless of the extent to which the units are leased at the relevant time). At present, Deutsche Annington expects that the rents receivable from tenants in this building will be sufficient to cover the amounts payable by DAID but there can be no assurance that the DAID will succeed in letting a sufficient number of units to cover its own costs in the future. If the number of let units falls below the required minimum, DAID will not be able to recover the payments made to the DB Fund. In accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS"), DAID's obligations with respect to the DB Fund are treated as a finance lease. In accordance with IAS 40, such lease obligations are included as liabilities in the Guarantors consolidated balance sheet at their net present value. The residential building continues to be included as an asset in the Guarantor's consolidated balance sheet and is recorded at Fair Value. As of 31 December 2014, Deutsche Annington's liabilities with respect to the DB Fund amounted to EUR 92.5 million. Any decline in the aggregate rent receivable from tenants in this building would not only affect Deutsche Annington's rental income but also the Fair Value of the residential building as reflected in the Guarantor's financial statements. This could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Deutsche Annington has received subsidies from public authorities which restrict the level of rents chargeable on a part of Deutsche Annington's portfolio. Providers of the subsidised loans may also unilaterally exercise their right to increase the rate of interest payable on such loans. Deutsche Annington receives grants from public authorities in the form of construction subsidies, expenses subsidies, expenses loans and low-interest loans that impose certain limitations on the Group. As of 31 December 2014, approximately 14 per cent. of Deutsche Annington's properties (approximately 27,800 residential units)

71 were rent-restricted due to subsidies provided by publicly owned economic development banks. Most of the subsidies are granted in the form of low-interest long-term loans. As of 31 December 2014, the Group had received subsidised loans which carry a book value of EUR 484 million under IFRS, due to the applied effective interest method, but a nominal value of EUR 586 million. The public bodies granting a subsidised loan impose maximum rent levels on the properties constructed, acquired or modernised using such subsidised loan in order to compensate for construction, financing and property-related costs. Although the rent levels set by the public bodies are significantly below current market rents for a number of rent-restricted residential units, it may be difficult to increase rents to market levels after the lapse of subsidy restrictions because of the lack of tenants who are willing or able to pay market level rents for such properties. Rent restrictions are scheduled to expire on approximately 600 units in 2015, on approximately 1,000 units in 2016 and on approximately 400 units in 2017.

Moreover, Deutsche Annington's subsidised loan agreements contain a clause pursuant to which the provider of the loan is granted the right to unilaterally increase the interest rates of the loans up to a maximum of 4.6 per cent. p.a. In such an event, Deutsche Annington is entitled to increase its rents accordingly. The lenders under these agreements have exercised this right only selectively in the recent past. It cannot be excluded, however, that the lenders may exercise this right more frequently in the future and that Deutsche Annington may not be in a position to increase its rents either because tenants might not be able to pay the increased rents or the increased rent would exceed the market rents for comparable units or otherwise.

If Deutsche Annington fails to adapt its rent levels to market rent levels after the expiration of the subsidised loans, or if the lenders exercise their rights to increase interest rates and Deutsche Annington is not in a position to adjust rents accordingly, this could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Deutsche Annington could sustain substantial losses from damage not covered by, or exceeding the coverage limits of, its insurance policies. Deutsche Annington's properties are all insured against losses due to fire, natural hazards and specified other risks. However, its insurance policies may not provide adequate coverage as they are subject to exclusions and limitations of liability, including with respect to losses resulting from damages from mining, nuclear power or war. Deutsche Annington may, therefore, have limited or no coverage for losses that are excluded or that exceed the respective coverage limitations. In addition, Deutsche Annington's insurance providers could become insolvent. Should an uninsured loss or a loss in excess of Deutsche Annington's insurance limits occur, Deutsche Annington could lose capital invested in the affected property as well as anticipated income and capital appreciation from that property. Moreover, Deutsche Annington may incur further costs to repair damage caused by uninsured risks. Deutsche Annington could also be held liable for any debt or other financial obligation related to such a property. Thus, Deutsche Annington may experience material losses in excess of insurance proceeds, which could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Deutsche Annington has a relatively small number of employees in administrative and management functions overseeing its business and may be unable to replace key personnel. Deutsche Annington only has a small number of senior management executives responsible for managing its core business. Deutsche Annington's success depends significantly on the performance of its management executives and qualified employees in key positions, particularly management board members and other management executives with substantial sector expertise. Additionally, it is important for Deutsche Annington to be able to hire additional qualified employees to the extent that an expansion exceeds its available resources or to replace lost employees. The loss of one or more management board members or other key employees, and any failure to attract new highly-qualified management executives, could impair Deutsche Annington's growth and make it difficult for the Guarantor to manage its business operations effectively.

The materialisation of one or more of the risks described above could have material adverse effects on Deutsche Annington's business, financial condition and results of operations.

Deutsche Annington is dependent on cooperative relations with its employees, the works council (employee representatives) and the union ver.di. The Guarantor has concluded several collective bargaining agreements (Tarifverträge) that regulate work conditions and remuneration. These collective bargaining agreements are subject to renegotiation with the unions from time to time. A certain number of Deutsche Annington's employees are members of the United Services Union (ver.di — Vereinte Dienstleistungsgewerkschaft e.V., "ver.di"). Deutsche Annington maintains and aims to continue to maintain a good and constructive relationship with its employees, works councils and ver.di. Nevertheless, Deutsche Annington faces the risk that it may become subject to strikes or other industrial action in the course of labour negotiations, all of which could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Damage to Deutsche Annington's reputation and inadequate customer satisfaction may result in reduced demand for Deutsche Annington's residential units and may make it more difficult for Deutsche Annington to raise capital on favourable terms or at all. If Deutsche Annington is unable to maintain its reputation and high level of customer service, customer satisfaction and demand for its services and properties could suffer. In particular, harm to Deutsche Annington's reputation could make it more difficult for Deutsche Annington to let its residential units and could lead to delays in rental payments or the termination of rental contracts by its tenants. Any reputational damage due to Deutsche Annington's inability to meet customer service expectations could consequently limit its ability to retain existing and attract new customers. Furthermore, harm to Deutsche Annington's reputation could impair Deutsche Annington's ability to raise capital on favourable terms or at all. Any of the risks described above could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Deutsche Annington's information technology systems could malfunction or become impaired. Deutsche Annington's information technology systems are essential for its business operations and success. Any interruptions in, failures of or damage to its information technology systems, such as the Group's SAP software or its voice-over-internet protocol (VoIP) telephone system, could lead to delays or interruptions in the Group's business processes. In particular, Deutsche Annington's information technology systems may be vulnerable to security breaches and cyber-attacks from unauthorised persons outside and within the Group. Any malfunction or impairment of the Group's computer systems could interrupt its operations, lead to increased costs and may result in lost revenue. Deutsche Annington cannot guarantee that anticipated or recognised malfunctions can be avoided by appropriate preventive security measures in every case. The materialisation of one or more of these risks could have material adverse effects on Deutsche Annington's business.

Risks related to the valuation of Deutsche Annington's properties

If interest rates change, the market deteriorates or the Group's rent levels or vacancy rates develop unfavourably, Deutsche Annington may be required to adjust the current Fair Values of its investment properties and recognise significant losses. Deutsche Annington values its investment properties (i.e., properties that are held for the purpose of earning rental income, for appreciation or both and are not used by the Group) at Fair Value in accordance with IAS 40 in conjunction with IFRS 13. Up to and including fiscal year 2012, the Group used the income capitalisation method for the valuation of its portfolio, whereby the Fair Values of Investment properties are calculated on the basis of income and costs as well as risk-adjusted capitalised interest rates. Starting in fiscal year 2013, the Group refined its valuation methodology and now uses the discounted cash flow ("DCF") methodology. Under the DCF methodology, the expected future income and costs associated with each property are generally forecast over a 10- year period and discounted as net present value on the day of valuation. To determine the forecasted cash flows, various parameters such as market rent, probable rent increases, vacancy rates and maintenance expenses are taken into consideration. The market rent is derived for each location from the respective rent index (Mietspiegel) and from market data from an external service provider. In addition, the terminal value of the property at the end of the

10-year period is determined using the expected stabilised cash flow and again discounted to the date of valuation as the net present value. The discount rate applied reflects the market situation, location, type of the property, special property features (e.g., inheritable rights, rent restrictions), the yield expectations of a potential investor and the risk associated with the forecast future cash flows. If the market situation deteriorates, for example, because interest rates rise or rent levels or vacancy rates deteriorate, Deutsche Annington will have to revise the values of the total portfolio on the consolidated balance sheet downwards.

Any significant negative fair value adjustments Deutsche Annington is required to recognise would have significant negative effects on its NAV and LTV-Ratio and could have material adverse effects on Deutsche Annington's net assets, financial condition and results of operations.

Real estate valuation is inherently subjective, subject to uncertainties and based on assumptions which may prove to be inaccurate or affected by factors outside Deutsche Annington's or an external appraiser's control. The valuation report comprising valuations of the residential real estate portfolio of Deutsche Annington as of 31 December 2014, pursuant to IAS 40 in conjunction with IFRS 13 (the "Valuation Report") incorporated in this Prospectus by reference was prepared by the independent appraiser CBRE GmbH ("CBRE"), the appraisers of which include members of the Royal Institution of Chartered Surveyors (RICS). The Valuation Report is based on standard valuation principles and represents the opinion of the independent appraiser that prepared the report. The Valuation Report is based on assumptions that could subsequently turn out to have been incorrect. Data provided by Deutsche Annington and used in the Valuation Report were examined and verified for plausibility on a random sampling basis. The valuation of real estate is based on a multitude of factors that also include the appraiser's subjective judgment. These factors include, for example, the general market environment, conditions in the rental market and the quality of the location. The valuation of real estate contained in the Valuation Report is therefore subject to numerous uncertainties. The past or future assumptions underlying the property valuations may later be determined to have been erroneous.

The values assigned to the appraised properties in the Valuation Report and in Deutsche Annington's existing or future published annual or interim financial information may exceed the proceeds that Deutsche Annington can generate from the sale of the appraised properties. This could also be the case for sales that occur on, or shortly after, the valuation date. Accordingly, the Valuation Report does not necessarily represent future or current achievable sales prices of Deutsche Annington's properties or of the property portfolio.

Real estate valuation is inherently subjective, subject to uncertainties and based on assumptions which may prove to be inaccurate or affected by factors outside Deutsche Annington's or an external appraiser's control. If any of the information or assumptions on which a valuation is based are subsequently found to be incorrect, the valuation figures may also be incorrect and may have to be reconsidered. In connection with the acquisition of property portfolios and other unforeseeable events this could result in Deutsche Annington being unable to achieve its expected returns. This could have material adverse effects on Deutsche Annington's net assets, financial condition and results of operations.

Financial risks

Deutsche Annington is dependent on its current corporate investment grade rating to pursue its financing strategy, including the satisfying of its future financing needs through the issuance of unsecured corporate bonds and notes. In 2013, Deutsche Annington changed its financing strategy to satisfy a significant portion of its future financing needs through the issuance of unsecured corporate bonds and notes. To facilitate the issuance of unsecured bonds and notes, the Guarantor sought and obtained a corporate investment grade rating of "BBB+" from Standard & Poor's Credit Market Services Europe Limited (Niederlassung Deutschland) (German Branch) ("S & P"). Issuers with a "BBB+" rating are considered by S &P's to have adequate capacity to meet financial commitments, but to be more subject to adverse economic conditions.

If Deutsche Annington were to lose its investment grade rating, future issuances of unsecured bonds and notes may become significantly more expensive or may not be possible in the targeted amounts. S &P's could downgrade Deutsche Annington if the value of Deutsche Annington's assets, Deutsche Annington's interest coverage ratio or Deutsche Annington's debt-to-capital ratio were to fall below certain values, if Deutsche Annington were unable to keep or render sufficient values of its assets unencumbered or if the residential real estate market in Germany deteriorates in general. If any of the risks described above were to materialise, it would be more difficult for Deutsche Annington to pursue its current financing strategy, which could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Deutsche Annington has a substantial level of debt and Deutsche Annington's ability to repay existing debt with loans and other debt instruments could be limited. It may be difficult or expensive to obtain new sources of financing. Deutsche Annington has a substantial level of debt; the nominal amount of Deutsche Annington's outstanding financial indebtedness was EUR 7.6 billion as of 31 December 2014 (consisting of outstanding non-derivative financial liabilities of EUR 6.6 billion and a hybrid bond in a nominal amount of EUR 1.0 billion, which is classified as equity under IFRS). Deutsche Annington is dependent on refinancing significant amounts that will become due over the next few years. In the past, Deutsche Annington raised debt by issuing bonds and notes and by borrowing from commercial banks, mortgage banks and the Kreditanstalt für Wiederaufbau ("KfW").

In the future, Deutsche Annington intends to refinance maturing debt with new bonds, notes and loans (or by extending such debt). Deutsche Annington's ability to repay existing financial obligations by taking on new debt (or by extending existing debt) could be limited, for example, as a result of market conditions, its business condition or the level of debt of Deutsche Annington or other Group companies. Although Deutsche Annington was able to refinance, reduce its debt and extend maturities in the past, its current level of debt could lead capital markets and banks to refuse to make new debt funding available to Deutsche Annington, or to do so only on less favourable financial terms or to require additional security.

Any of the risks described above could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

If the Issuer, Guarantor or other Group companies breach financial covenants or other provisions in connection with any existing or future bonds, notes or other debt instruments or under any existing or future loan agreements, Deutsche Annington may be required to bear higher interest costs or fully repay the relevant bonds, notes, debt instruments or loans before they become due, and security trustees or creditors could seize or realize significant collateral furnished by Deutsche Annington. As of 31 December 2014, the Guarantor and its subsidiaries had outstanding financial indebtedness in a nominal amount of EUR 7.6 billion (consisting of outstanding non-derivative financial liabilities of EUR 6.6 billion and a hybrid bond in a nominal amount of EUR 1.0 billion, which is classified as equity under IFRS); as part of its financing strategy, Deutsche Annington issued the following unsecured bonds and notes in 2013 and 2014: notes with a nominal amount of EUR 700 million due 2016 and notes with a nominal amount of EUR 600 million due 2019 on 25 July 2013, which the Guarantor guarantees (together the "July 2013 Notes"); notes with a nominal amount of U.S.$ 750 million due 2017 and notes with a nominal amount of U.S.$250 million due 2023 on 2 October 2013 (together the "USD Notes"); notes with a nominal amount of EUR 500 million due 2021 on 8 October 2013 under this Programme (the "2013 EMTN Notes"); subordinated notes, which the Guarantor guarantees on a subordinated basis, with interest rate adjustments and a first termination date in 2019 in the nominal amount of EUR 700 million due in 2074 on 8 April 2014 (the "April 2014 Hybrid"); as well as a tranche of notes with a nominal amount of EUR 500 million on 9 July 2014 under this Programme (the "2014 EMTN Notes"); as well as subordinated notes, which the Guarantor guarantees on a subordinated basis, with interest rate adjustments in the nominal amount of EUR 1.0 billion without maturity on 17 December 2014 (the "December 2014 Hybrid").

On 4 March 2014, Deutsche Annington and Commerzbank Aktiengesellschaft entered into a EUR 130 million revolving credit facility agreement (the "Working Capital Facility"). As of 31 December 2014, the line has not been drawn except for EUR 4.6 million in the form of bank guarantees (Avalkredite).

The lenders or noteholders of the July 2013 Notes, the USD Notes, the 2013 EMTN Notes, the 2014 EMTN Notes, the Working Capital Facility and any other existing or future lenders of the Group are entitled to terminate their financing agreements if the Group companies breach material provisions under their respective terms and conditions or financing agreements and are not in a position to cure such breaches. The existing loan agreements and the July 2013 Notes, the USD Notes, the 2013 EMTN Notes and the 2014 EMTN Notes require, in particular, that Deutsche Annington complies with certain financial covenants, such as a maximum LTV-Ratio, a minimum debt-service or interest cover ratios, a minimum ratio of unencumbered properties and other assets and restrictions on the sale of properties. A failure to comply with such financial covenants or other material provisions of the financing agreements and the terms and conditions of the July 2013 Notes, the USD Notes, the 2013 EMTN Notes, the 2014 EMTN Notes and the Working Capital Facility could have severe consequences, including that:

• the lenders or noteholders of the July 2013 Notes, the USD Notes (or the trustee under the corresponding indenture), the 2013 EMTN Notes, the 2014 EMTN Notes and the Working Capital Facility, as applicable, may have the right to terminate the relevant loan agreement or the July 2013 Notes, the USD Notes, the 2013 EMTN Notes and the 2014 EMTN Notes, respectively, and outstanding amounts could become immediately due and payable;

• other lenders, bondholders or noteholders could be entitled to terminate their financing agreements or bonds or notes with the Group as a result of cross-default or cross-acceleration provisions;

• the lenders may be entitled to extraordinary (partial) prepayments or higher interest rates and the noteholders of the July 2013 Notes, the USD Notes, the 2013 EMTN Notes and the 2014 EMTN Notes may be entitled to require the Group to redeem, in whole or in part, the July 2013 Notes, the USD Notes, the 2013 EMTN Notes and the 2014 EMTN Notes, respectively, at their principal amount, including accrued interest; in addition, Deutsche Annington may be liable for damages, prepayment penalties or other fines; or

• the right of the Guarantor or its subsidiaries to distribute profits and income from the properties which serve as security for the respective loans (or future secured bonds or notes) may be restricted and may therefore limit the Group's ability to service its other obligations or distribute profits to its shareholders.

If the July 2013 Notes, the USD Notes, the 2013 EMTN Notes and the 2014 EMTN Notes, the Working Capital Facility, other debt instruments or one or more of the Group's other loans should become due as a result of an early termination or cross-default, Deutsche Annington might be unable to refinance the outstanding obligations as they become due, or might be able to do so only on less favourable terms.

To secure its financial obligations, Deutsche Annington, under certain financing agreements (other than the July 2013 Notes, the USD Notes, the 2013 EMTN Notes and the 2014 EMTN Notes, the April 2014 Hybrid, the December 2014 Hybrid and the Working Capital Facility), has granted land charges and mortgages on properties owned by Group companies and has assigned, as security, claims under tenancy and leasing agreements, potential insurance claims and potential claims under real estate sales programmes. Deutsche Annington has also pledged or is obliged to pledge shares in certain Group companies as well as bank accounts to lenders. If Deutsche Annington is unable to perform the obligations under its financing agreements, Deutsche Annington's lenders could seize and realise collateral, including real estate, pledged shares and bank accounts, without further negotiations. This could cause Deutsche Annington to lose parts of its real estate portfolio in a forced sale on economically unfavourable terms. Contractual restrictions limit the right to voluntarily sell properties ahead of a forced sale, which could have an amplified negative effect of such forced sale.

Approximately 9.1 per cent. of all residential real estate units owned by the Group are built on the basis of hereditary building rights (Erbbaurechte). The consent of the legal owners is required for a registration of land charges and mortgages on these units as well as for their sale. Although the owners are legally required to grant

76 such consent if and to the extent a requested encumbrance does not exceed a customary level (and in case of a sale, if the acquirer under the hereditary building is also able and willing to fulfil the obligations under hereditary building rights), it is difficult and time-consuming to actually obtain these consents or to obtain them in the requested amount.

The realisation of any of the aforementioned risks could have material adverse effects on the Group's business, net assets, financial condition, cash flow and results of operations.

The Guarantor's cash flow and possible future dividends are dependent on the profitability of its subsidiaries. The Guarantor is a holding company that does not conduct its operating business itself but does so through its subsidiaries. To cover its operating costs, the Guarantor relies on, among other things, distributions that it receives from its subsidiaries and other investment interests or, as the case may be, scheduled repayments of loans it has granted to its subsidiaries. The distributions by the subsidiaries depend, in turn, on the subsidiaries' operating results and their ability to make those distributions under applicable law. There can be no assurance that such funds will be sufficient in the future to satisfy all payment obligations. If the funds are insufficient, Deutsche Annington could need to obtain additional funds.

Deutsche Annington will most likely refrain from paying dividends if available cash is insufficient for the payment thereof. If it should decide to borrow money to facilitate paying dividends, this could have material adverse effects on Deutsche Annington's business, net assets and financial condition and results of operations.

Regulatory and legal risks

Deutsche Annington's ability to increase rents is limited by German law and there are current political efforts to further restrict rent increases. The ability of landlords to increase rent under existing tenancy agreements is limited under German law. If the parties to a tenancy agreement have not agreed on a stepped rent (Staffelmiete) or an indexation of rents (Indexmiete) - which is permissible only in specific cases - and the tenant refuses to amend the tenancy agreement, a rent increase may be effected unilaterally only within the limits set forth below:

• Subject to statutory and contractual requirements and if the rent has remained unchanged during the 15 months preceding the intended increase, the landlord may exercise a right of contractual adjustment of up to the locally prevailing comparative levels of rent (ortsübliche Vergleichsmiete). The locally prevailing rents are generally set forth in rent indices (Mietspiegel), which are usually published by the respective municipalities every second year. If the rent indices are produced according to accepted scientific principles and adopted by the municipality or by representatives of local lessors and lessees, the rent indices are recognised as so-called qualified rent indices (Qualifizierte Mietspiegel). Qualified rent indices, as opposed to simple rent indices, qualify by law as (rebuttably) presumptive evidence that the listed rent levels reflect the reference rent customary in the municipality. Generally, the rent may not be increased by more than 20 per cent. in three years (capping limit). Pursuant to the Tenancy Law Amendment Act (Mietrechtsänderungsgesetz), which entered into force on 1 May 2013, the capping limit may be reduced to 15 per cent. by the German federal states for those municipalities or parts of municipalities in which the supply of affordable housing is determined to be threatened. So far, nine German state governments (Landesregierungen) (Bavaria, Berlin, Brandenburg, Bremen, Hamburg, Hesse, North Rhine-Westphalia, Rhineland-Palatinate and Schleswig-Holstein) have adopted such regulations to reduce the capping limit; Baden-Wuerttemberg, and possibly others, is considering similar measures.

• In addition, for modernisation measures through which (i) sustainable energy savings (energy-related modernisation measures, energetische Modernisierung) or (ii) sustainable reductions in water consumption are made, (iii) sustainable increases in the utility value (Gebrauchswert) of the rented property or (iv) permanent increases in the housing conditions are made or for (v) modernisation measures that are conducted due to circumstances for which the landlord is not responsible and which do not qualify as

maintenance measures, the landlord may, subject to statutory or contractual requirements, allocate costs to tenants by way of an increase of the annual rent in the amount of, currently up to, 11 per cent. of the cost incurred (less the costs that would have been incurred for maintenance measures anyway), unless the tenant can prove that the rent increase constitutes undue hardship. The German federal government is currently considering whether to limit such annual rent increases to 10 per cent. of the total costs of the modernisation measures and to the period of time necessary to amortise such costs. Following a rent increase, tenants may have a special termination right.

• Additional difficulties may arise if the respective municipality does not compile or publish rent indices - something municipalities are not obligated to do. If municipalities publish rent indices, they are required to update the rent indices every two years. If municipalities publish qualified rent indices they must adjust these for market trends every two years and generate a new qualified rent index at least every four years. Some municipalities regularly use longer intervals to update rent indices, which makes it difficult for landlords to adjust the rent to actual prevailing market levels. If municipalities do not publish rent indices, landlords may commission independent surveyor reports for assessing the appropriate rent level and adjusting the rent accordingly. Alternatively, both parties to a tenancy agreement may voluntarily agree on rent increases; such possibility may, however, not yield the desired results and may give the impression that the tenant is obliged to agree to higher rents.

Moreover, there are current political efforts to further restrict rent increases. The German Federal Cabinet (Bundeskabinett) resolved on a draft bill on 1 October 2014 (draft for a bill to curb rental increases on tight housing markets and to strengthen the so-called orderer principle with respect to the business of rental agents - tenancy law amendment act (Entwurf eines Gesetzes zur Dämpfung des Mietanstiegs auf angespannten Wohnungsmärkten und zur Stärkung des Bestellerprinzips bei der Wohnungsvermittlung - Mietrechtsnovellierungsgesetz) that would effectively limit rent increases and establish maximum rent levels (so-called Mietpreisbremse). The draft bill restricts rent increases for new leases to a maximum of 10 per cent. above the locally prevailing comparative rent levels in municipalities or parts of municipalities in which the supply of affordable housing is determined to be threatened. New or fully modernised buildings may be excluded from the restriction on rent increase at their first lease. The federal states (Bundesländer) will have the right to pass decrees through 2020 that determine regions in which maximum rent levels shall apply for a period of up to five years.

In addition, the draft bill contains provisions regarding the payment of a real estate agent. Currently, the tenant has to pay the agent's commission even if the landlord hires the real estate agent. Under the proposed law, a landlord is required to pay the commission if the landlord hires the agent. Tenants still would have to pay if they hire an agent to search for suitable real estate.

The above described draft bill – should it enter into force unchanged – and other changes in the European or German legal framework may further negatively impact Deutsche Annington's ability to increase rents. Affordable housing is a political topic that attracts a high level of attention. Tightened rent restrictions will impair Deutsche Annington's ability to increase rents, which in turn could have material adverse effects on its business, financial condition and results of operations.

Under German law, tenants enjoy substantial protection against termination and tenant eviction. In addition, Deutsche Annington uses standardised tenancy agreements and standardised contract terms which are closely scrutinised by German courts. German law and German courts provide tenants with substantial protection against termination and tenant evictions. Extended leases or delayed evictions resulting from these protections can lead to substantial losses until the property is actually vacated.

In addition, Deutsche Annington uses standardised tenancy agreements. Under German law, standardised contract terms are required to comply with the statutory law on general terms and conditions, which means that they are subject to rigid fairness control by the courts regarding their content and the way they are presented to the other contractual party by the person using them. As a general rule, standardised terms are invalid if they are not

78 transparent, are not clearly worded, are unbalanced or discriminate against the other party. Due to the frequent changes in the legal framework, particularly as a result of court decisions relating to general terms and conditions, it is impossible to fully protect oneself against risks associated with the use of such standardised contractual terms. The various German Federal Court of Justice (Bundesgerichtshof) decisions regarding the invalidity of decorative repair clauses, specifically those concerning the type and schedule of the tenant's performance of decorative repairs, are examples of a change in the legal framework. The invalidity of such clauses causes the landlord to become responsible for maintenance measures and the increased costs incurred in connection therewith. Even if contracts are prepared with legal advice, it is difficult for Deutsche Annington to avoid problems of this nature from the outset or in the future, as the changes may continue to occur in the legal framework, particularly via case law. This makes it impossible for Deutsche Annington to avoid the ensuing legal disadvantages.

Any of the aforementioned risks could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Deutsche Annington's business is subject to the general legal environment in Germany. Any disadvantageous changes in the legal environment, such as mandatory environmental modernisation provisions, restrictions regarding modernisation measures or provisions (including taxes) that result in the incurrence of costs in the event of a property sale, may be detrimental to Deutsche Annington. Deutsche Annington's business is subject to the general legal framework that applies to housing, such as German tenancy law, as well as special provisions in other laws, such as social legislation, construction laws and historic preservation laws. For example, pursuant to the Bavarian Act on Prohibition of Misuse of Housing Space (Gesetz über das Verbot der Zweckentfremdung von Wohnraum), the federal state of Bavaria has authorised municipalities in which the supply of affordable housing is perceived as being threatened to enact regulations that prohibit that (i) housing space remains vacant for a period exceeding three months, (ii) housing space is altered in a way that prevents its use for residential purposes, (iii) housing space is eliminated, and (iv) housing space is used predominantly for professional or commercial purposes. Some German federal states, such as Baden- Wuerttemberg, Berlin, Hamburg and North Rhine Westphalia, or large cities like Munich have adopted regulations with the aforementioned or similar restrictions. For specific risks in connection with German tenancy law, see "— Deutsche Annington's ability to increase rents is limited by German law and there are current political efforts to further restrict rent increases" and "—Under German law, tenants enjoy substantial protection against termination and tenant eviction. In addition, Deutsche Annington uses standardised tenancy agreements and standardised contract terms which are closely scrutinised by German courts".

Any disadvantageous changes to German federal or state laws, or changes in the interpretation or application thereof, could thus have a negative effect on Deutsche Annington. In particular, an expansion of tenant protection laws in connection with conversions of multi-family apartments into condominiums could have negative effects on the sale of condominiums to investors. Changes to provisions governing the tenant's responsibility for ancillary costs (Betriebskosten) or modernisation investments could have an adverse effect on the profitability of Deutsche Annington's investments and results of operations.

More restrictive environmental laws could also result in additional expenses for Deutsche Annington. For example, by 31 December 2013, owners of properties with a centralised hot water production facility were obliged to test the level of potential legionella contamination and must repeat this test every three years, thereby causing them to incur additional costs. The same would hold true if the legal requirements relating to existing and permitted properties and their use were to become more onerous. Of particular significance are construction and environmental requirements. For example, the currently applicable version of the Energy Savings Ordinance (Energieeinsparverordnung), which was recently amended with effect from 1 May 2014, prescribes specified investments in renovation work aimed at reducing energy consumption (with respect to thermal insulation for instance) and requires the landlord or seller of a property to present an energy certificate that discloses the property's energy efficiency prior to entry into a new lease or sale agreement. Furthermore, if a seller or landlord advertises the property via commercial media, the energy performance indicator of the respective property's existing energy certificate must be stated in the advertisement. Additionally, the amended ordinance requires the

79 landlord to renovate the thermal insulation of the let building. For example, landlords of buildings with heating boilers that were installed prior to 1 January 1985 and that are used with liquid or gaseous fuel needed to be exchanged before 2015, or roofs need to meet a minimum heat insulation by the end of 2015 (see "—Risks Related to Deutsche Annington's business—Deutsche Annington is exposed to risks related to the structural condition of its properties and their maintenance and repair. The Group's loan and purchase agreements require Deutsche Annington to invest specified amounts in certain portfolios. Such requirements may lead to a sub-optimal funds allocation").

For maintenance and modernisation measures to buildings, which are subject to historic preservation laws, the need to comply with the respective historic preservation requirements could lead to significant delays in the maintenance or modernisation process, or may result in an inability to carry out particular maintenance or modernisation measures, or could generate significantly higher costs for the particular project. These factors could also have negative effects on the ability of the Group to sell or rent these properties or to use said properties as collateral for financing.

Any of these factors could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Deutsche Annington could be subject to liability claims for several years after selling properties. In connection with property sales, Deutsche Annington usually makes representations, warranties and negative declarations of knowledge to the purchasers with respect to certain characteristics of the relevant properties. The resulting obligations usually continue to exist after the sale for a period of several years. In particular, Deutsche Annington could be subject to claims for damages from purchasers, who could assert that Deutsche Annington failed to meet its obligations, or that its representations were untrue. Deutsche Annington could be required to make payments to the purchasers following legal disputes or litigation. If Deutsche Annington has provided warranties to third parties in connection with modernisation and maintenance measures and claims are asserted against Deutsche Annington because of defects, it is not always certain that Deutsche Annington will have recourse against the companies that performed the work.

As a seller of properties, Deutsche Annington is also liable to tenants for any breach of tenancy agreements by the buyer under certain circumstances, even where Deutsche Annington no longer has any control over the property. Moreover, Deutsche Annington continues to be exposed to claims for breach of contract even if the buyer resells the property and the subsequent buyer breaches any tenancy agreement. If, however, Deutsche Annington notifies the tenant of the change in ownership and the tenant fails to avail itself of the opportunity to terminate the tenancy agreement at the earliest permitted termination date, Deutsche Annington is, in general, released from liability. As a rule, when selling properties, Deutsche Annington informs all tenants in writing of the change in landlord either alone or together with the acquirer. Such release from liability does not apply to security deposits (Mietsicherheiten) provided by the tenants. If the tenant is unable to receive its security deposit from the buyer of the property, the liability to repay such security deposit remains with the seller.

Legal or settlement costs, including the costs of defending lawsuits, whether justified or not, as well as potential damages associated with liability for properties that Deutsche Annington has sold, could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

The control and prevention mechanisms of Deutsche Annington's compliance structure may not have been, or may not be, sufficient to adequately protect Deutsche Annington from all legal or financial risks. Cases of irregularities could lead to official investigations or third-party claims against Deutsche Annington, which, in turn, could have a material adverse effect on its business, net assets, financial condition, cash flow, results of operations and reputation. To protect Deutsche Annington against legal risks and other potential harm, Deutsche Annington implemented a Group-wide code of conduct as a company agreement with the works council in 2010. This binding policy addresses conduct, corruption prevention, conflicts of interest, information and data protection, discrimination,

80 environmental protection and protection of company property and applies to all employees and the members of the management board. Moreover, Deutsche Annington has introduced a mandatory code of conduct for its major business partners. Legal and compliance risks are addressed by the Group's risk management.

In February 2014, the management board adopted a compliance directive the goal of which is to implement a best- practice compliance management system (the "CMS"). As part of the CMS all compliance competencies that were previously vested in various employees of Deutsche Annington are now assumed by Deutsche Annington's head general counsel, Dr Thomas Görgemanns, as acting compliance officer. Furthermore, the CMS shall serve to harmonise and update Deutsche Annington's compliance rules. The rules of the code of conduct remain unaffected by the CMS.

There can be no assurance, however, that the aforementioned compliance arrangements will be sufficient to completely prevent all unauthorised practices, legal infringements or corruption within Deutsche Annington. Any failure in compliance could have material adverse effects on its net assets, financial condition, cash flow, results of operations and reputation.

Deutsche Annington is subject to the general tax environment in Germany. The Group's tax burden in relation to the future tax treatment of dividend payments, current or future tax assessments, tax audits or court proceedings may increase due to changes in tax laws or changes in the application or interpretation thereof. Deutsche Annington is subject to the general tax environment in Germany. The Group's tax burden depends on various aspects of tax laws, as well as their application and interpretation. Amendments to tax laws, for example, an increase of statutory tax rates, may have a retroactive effect and their application or interpretation by tax authorities or courts may change. Furthermore, court decisions are occasionally limited to their specific factual circumstances by tax authorities by way of non-application decrees. This may also increase the Group's tax burden. Deutsche Annington's tax-related risks include:

Tax Structure of the Group As a holding company, the Guarantor's ability to distribute dividends depends to a large extent on dividend payments by its subsidiaries. Among other things, these intra-group distributions are subject to withholding tax (Kapitalertragssteuer) on multiple intra-group levels. No assurance can be given that the taxation of intra-group distributions may not negatively affect Deutsche Annington's ability to pay dividends in the future.

Tax Assessments As some Group entities have historically been late in filing their tax declarations, no tax assessments have been received for some of the Group's companies in recent years. The unavailability of more recent tax assessments increases the uncertainty regarding the tax authorities' interpretations of applicable tax laws for these periods and increases the uncertainty that these interpretations may differ from the Group's interpretations. Any tax assessments that deviate from the Group's expectations could lead to an increase in the Group's tax burden and, additionally, could give rise to interest payable on the additional amount of taxes at a rate of 6 per cent. p.a. during a period beginning 15 months after the end of the calendar year in which the relevant tax emerged and ending upon issuance of the tax assessment notice. However, with a view to mitigate such interest risks, Group entities have calculated their tax burdens based on the annual accounts and have paid any taxes, which were expected to be outstanding prior to the beginning of the interest period, taking into account already paid tax prepayments.

Tax Audits Group entities are regularly subject to tax audits in Germany. The Group's most recent tax audit was concluded in 2013 and covered the fiscal years up to and including 2004. These tax audits and other investigations conducted by the competent tax authorities could result in the assessment of additional taxes. This may be the case, in particular, with respect to changes in the Group's shareholding structure, other reorganisation measures or impairment on properties with regard to which tax authorities could take the view that they ought to be disregarded for tax purposes. Further, expenses, particularly interest expenses, could be treated as non-deductible, or RETT could be

81 assessed. In addition, fiscal unities (steuerliche Organschaften) could be deemed invalid, for instance if one or more profit and loss pooling agreements are considered void, as not having been properly executed or if other requirements for fiscal unities are not met. Any of these findings could lead to an increase in the Group's tax obligations and could result in the assessment of penalties. Deutsche Annington has established provisions for risks associated with audits based on its past experience. These provisions, however, may prove to be insufficient and when paid may negatively impact cash flow.

Judicial Tax Proceedings Group entities are or may become party to judicial tax proceedings. The outcome of such tax proceedings may not be predictable and may be detrimental to the Group.

The materialisation of any of these risks could have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

Significant reorganizations that the Group has undergone in the past may result in an additional tax burden. In the tax years not yet audited, the Group underwent significant reorganisations, involving, among other things, the transfer of legal or beneficial title to real estate. In certain transactions which could potentially be seen as a direct or indirect transfer of a property's legal or beneficial title, binding information was issued by the tax authorities. However, given the complexity and the scope of these transactions, they may nevertheless entail unforeseen adverse tax consequences that may have detrimental effects on the Group's business, net assets, financial condition, cash flow and results of operations.

The tax authorities might not accept all tax deductions for interest payments in the past due to uncertainties with respect to German Earning Stripping Rules. Further, the Group's tax burden may increase as a consequence of a future change in the Guarantor's shareholder and/or group corporate structure. Several tax rules in Germany restrict the tax deductibility of interest expenses for corporate income and trade tax purposes. Such rules have been amended significantly on several occasions in the recent past. As part of the German Company Tax Reform (Unternehmenssteuerreform), Germany abolished the regulation of shareholder debt financing in 2008 and introduced the so-called Earning Stripping Rules (Zinsschranke) to limit the deductibility of interest expenses for German tax purposes. According to the Earning Stripping Rules, the tax deductibility of interest expenses depends, among other things, on the difference between interest income and interest expenses, the general tax structure of the Group, the annual tax EBITDA and the tax EBITDA of previous years and on whether the equity ratios of the group (specified for these purposes) and of particular branches within this group do not differ significantly from each other. As a general rule, the tax deductibility of interest expenses is limited to 30 per cent. of the tax EBITDA for the relevant fiscal year, unless certain exceptions apply. For example: interest expense is fully deductible where (i) the interest expense exceeding a business' interest income is less than EUR 3 million (de minimis rule); (ii) the business in question does not belong to a group, i.e., it does not have to be consolidated with other businesses (the "Stand-Alone Clause"); or (iii) the equity ratio test is met, i.e., where the equity ratio of the business in question is by no more than a maximum of 2 percentage points lower than the equity ratio of the consolidated group (the "Escape Clause"). However, the Stand-Alone Clause and the Escape Clause can be applied only if no detrimental shareholder financing within the meaning of Section 8a para. 2 and 3 German Corporate Income Tax Act (Körperschaftsteuergesetz) exists. To the extent that 30 per cent. of the tax EBITDA is not used for a deduction of interest expenses, the remaining amount can be carried forward for up to five years.

Certain Deutsche Annington entities have relied on the Escape Clause in the past and have been able to achieve a full deduction of interest expenses, except for fiscal year 2009. As the interpretation of the Earning Stripping Rule sis not entirely clear and no fiscal year in which the Earning Stripping Rules apply has yet been audited, it cannot be ruled out that the German tax authorities will deny the application of the Escape Clause by the Group's entities. If such risk were to materialise, the deductibility of interest expenses owed under existing and possibly future debt

82 would be restricted to 30 per cent. of the tax EBITDA for the respective financial year, thus increasing the tax burden. This would have a significant negative effect on the Group's financial condition, cash flow and results of operations.

Furthermore, Deutsche Annington's ability to rely on the Escape Clause in the future may be adversely affected by changes in its shareholder structure. This question is of particular relevance as Monterey Holdings I S.à r.l., Luxembourg ceased to be the controlling shareholder of the Group on 20 May 2014. Therefore, Group companies may not be able to make use of the Escape Clause. If this risk were to materialise, the tax deductibility of significant interest expenses owed under existing and future debt may be limited to 30 per cent. of the tax EBITDA for the respective fiscal year, which would result in a higher tax burden for the Guarantor. This would have material adverse effects on Deutsche Annington's business, net assets, financial condition, cash flow and results of operations.

A transfer of 95 per cent. or more of the shares in the Guarantor or in a subsidiary within a five-year period may trigger German real estate transfer tax. The Group is functionally divided into service or management companies on the one hand and property companies on the other. All significant property companies were previously established as limited partnerships and held the legal or beneficial title to most parts of the Group's real estate portfolio. RETT is potentially triggered in Germany if, within any period of five years, at least 95 per cent. of the shares of a corporation or at least 95 per cent. of the interests in a partnership, each holding real estate properties, or at least 95 per cent. of the shares in the Guarantor are directly or indirectly transferred from the current shareholders to new shareholders. In the event of such a transfer, the real estate owning companies would have to pay RETT in an amount of up to 6.5 per cent., or such higher tax rate as may be applicable at the relevant time, of the properties' value as determined in accordance with applicable tax laws.

Various third parties held 5.1 per cent. of the ownership rights in each of the Group's significant property holding subsidiaries (hereinafter referred to as "Third-Party Shareholders"). Due to a change in law in June 2013, which introduced an economic approach to determine the percentage of a property or a property holding entity acquired by a purchaser, it cannot be ruled out that this new economic approach will also lead to a wider interpretation of direct and indirect transfers of partnership interests by a court or the respective tax authorities in the future. However, there can be no assurance that courts or the respective tax authorities will deem the structure of participations of Third-Party Shareholders to be sufficient to prevent RETT from being triggered, particularly in the event that the current Third-Party Shareholder sold their stakes to other parties that are deemed to be controlled by the Guarantor

In addition, Deutsche Annington has a multi-level structure. This structure added considerable complexity to the internal restructurings that Deutsche Annington has conducted in the past few years and will continue to increase the legal complexity of corporate restructurings that Deutsche Annington may intend to conduct in the future. There can be no assurance that none of these transactions has resulted or will lead to negative tax consequences.

If the aforementioned risks materialise, this could have material adverse effects on the Group's business, net assets, financial condition, cash flow and results of operations.

Taxable capital gains arising out of sale of real property may not be completely offset by tax transfer of built in gains. Under the German Income Tax Act (Einkommensteuergesetz), the possibility of a tax-neutral transfer of built in gains (stille Reserven) to newly acquired or constructed real estate is available within a certain period of time, subject to certain conditions for a disposal of real estate, for newly acquired or established real estate within a certain period (Section 6b German Income Tax Act (Einkommensteuergesetz)). The taxable capital gains realised upon sale of the real estate can either be deducted from the tax base of the new real estate in the same financial year or by forming a reserve ("6b Reserve") and, for a later deduction in tax costs relating to acquisitions or production, using it to reduce the tax base of new real estate acquired or constructed in the near future. If the 6b Reserve is not

83 utilised within four years (or, under certain conditions, within six years), then generally it has to be dissolved, thereby increasing the taxable income. In addition, in such case the taxable income is increased by 6 per cent. for each full financial year for which the 6b Reserve existed.

Deutsche Annington has restructured, newly acquired or disposed of a significant amount of its portfolio in the past few years and may continue to do so in the future. These transactions are generally taxable for income tax purposes. However, subject to certain requirements, this capital gain can be transferred according to Section 6b of the German Income Tax Act (Einkommensteuergesetz). Based, inter alia, on binding information of the competent tax authorities, the Group's management believes that built in gains in sufficient amounts can be transferred in order to be able to offset capital gains that arose from these transactions in the past.

However, if these assumptions turn out to be wrong or if the competent tax authorities decide otherwise, Deutsche Annington may be unable to transfer tax-neutral capital gains arising out of the property sales in the past or as the case may be, future divestitures.

The materialisation of any of these risks could have material adverse effects on the Group's business, net assets, financial condition, cash flow and results of operations.

Following a setup of certain of its limited partnerships as trade tax payers, Deutsche Annington may not be able to net the trade tax losses and profits in its subsidiaries for trade tax purposes. 2010, the German Federal Tax Court (Bundesfinanzhof) issued a judgment on the trade tax treatment of limited partnerships, the same legal form that most of the Guarantor's property-holding subsidiaries were organised in at that time. In contrast to the former approach of the German tax authorities, the German Federal Tax Court ruled that limited partnerships so organised are not only transparent for corporate income tax purposes, but also for trade tax purposes. As a consequence of this ruling, only the general partners of the Group's limited partnerships qualify as partnerships subject to trade tax and, therefore, the requirements for the extended trade tax privilege would need to be fulfilled by the respective Group's general partner. However, none of these general partners currently fulfil the requirements for the extended trade tax privilege. Deutsche Annington has applied the 2010 German Federal Tax Court ruling in relation to all trade tax returns filed for assessment periods which have not yet been tax audited and finally assessed.

Following this ruling, the Group's management decided that the Group's new subsidiaries have been or will be set up as partnerships subject to trade tax that could possibly use the extended trade tax privilege, provided that all necessary conditions are fulfilled. As an adverse consequence for trade tax purposes, trade tax losses that may arise in one partnership cannot be offset by the profits of its partners or the profits of another subsidiary. As a further impact, the trade tax add-back rules, which were introduced as part of the German Company Tax Reform (Unternehmenssteuerreform) in 2008 and which provide for 25 per cent. of the interest expenses to be added back to the trade tax base, have to be separately applied at the level of each partnership subject to trade tax, which may result in a higher trade tax burden.

If any of such risks were to materialise, it could have material adverse effects on the Group's business, net assets, financial condition, cash flow and results of operations.

Deutsche Annington is subject to certain tax risks in connection with the refinancing of the GRAND securitisation. In December 2012, Deutsche Annington refinanced the collateralised real estate funding notes (the "REF Notes") that were issued and sold by the Group to German Residential Asset Note Distributor P.L.C. ("GRAND") in the course of a complex securitisation transaction in 2006. Since real estate was transferred, it cannot be ruled out that negative tax consequences have been triggered under certain laws. Therefore, the GRAND restructuring may result in significant adverse tax consequences for the Guarantor.

Deutsche Annington changed the terms of various classes of REF Notes and converted some of these notes into subordinated Class "S" REF Notes in consideration of tax advice. Nevertheless, it cannot be ruled out that negative tax consequences may be triggered by the changes made to the REF Notes.

Certain taxes may be levied on the Group in Germany in connection with the transfer of properties as part of the GRAND restructuring. A part of the Group's real property portfolio has been transferred to newly established partnerships (the transfer of properties is hereinafter referred to as the "McKinley Split" and the new entities are referred to as the "McKinley New Subsidiaries").

Before entering into the GRAND restructuring, Deutsche Annington assessed and sought tax advice with respect to several general tax risks, including the risk that (i) potential trade tax losses in one of the Group's subsidiaries cannot be offset by the profits of another McKinley New Subsidiary or the profits of its partners, (ii) RETT may be triggered upon the sale and transfer of the assets to the McKinley New Subsidiaries, (iii) RETT may be triggered by future changes in the shareholder structure of the Group, (iv) the McKinley Split or previous restructurings of the portfolio may result in a retroactive loss of the tax exemption used for the transfer of real estate in preparation for and in the course of the securitisation transaction in 2006, (v) the transfer of the real property to the McKinley New Subsidiaries may trigger VAT (Umsatzsteuer) or require an input tax adjustment (Vorsteuerkorrektur), and (vi) the swap of general partners and limited partners of the Group's property holding partnerships may result in taxable capital gains. Nevertheless, no assurance can be given that these tax risks will not result in material negative tax consequences.

Based on the audited fixed assets movement schedules (Anlagespiegel) of Deutsche Annington Vermögensgesellschaft mbH & Co. KG, Deutsche Annington Bestands GmbH & Co. KG and Deutsche Annington Bewirtschaftungs GmbH & Co. KG, most of the real estate has been owned by these companies since 1 January 2006 and thus may qualify for the beneficial treatment specified in Section 6b of the German Income Tax Act (Einkommensteuergesetz). However, no assurance can be given that roll-over relief has accrued at the level of Deutsche Annington Beteiligungsverwaltungs GmbH ("DABG") and will be transferrable to the McKinley New Subsidiary in order to offset capital gains from the real property transfers in connection with the McKinley Split.

The McKinley Split structure aims at enabling the McKinley New Subsidiaries to make use of the Escape Clause by ensuring that sufficient equity exists for the McKinley New Subsidiaries to have an equity ratio that corresponds to the equity ratio of DABG for purposes of the thin capitalisation rules. Nevertheless, no assurance can be given that the McKinley New Subsidiaries will continue to be able to rely on the Escape Clause.

If any of the Group's tax-related assumptions related to the refinancing of the GRAND securitisation should prove to be wrong or if the competent tax authorities decide in contradiction to the Group's position, the Group's tax burden may increase significantly. This tax increase could have material adverse effects on the Group's business, net assets, financial condition, cash flow and results of operations.

Deutsche Annington is subject to possible future changes in the taxation of enterprises in Germany and in the European Union. There are currently several initiatives being considered at both the German and the European Union level which could have an effect on the taxation of German enterprises. The initiatives relate, inter alia, to changes to the limitation of interest deductions and the establishment of a common consolidated corporate tax base. As the initiatives are still at an early stage of the consideration process, it is presently uncertain whether and to what extent the suggested changes will eventually be implemented and whether and to what extent they may have a negative effect on the Group's financial conditions and results of operations.

If these risks were to materialise, it could have material adverse effects on the Group's business, net assets, financial condition, cash flow and results of operations.

Risk factors relating to Notes

The Notes may not be a suitable investment for all investors Potential investors should consider whether an investment in the Notes is appropriate in their respective circumstances and should consult with their legal, business, and tax advisors to determine the consequences of an investment in the Notes and to get their own idea about the investment.

An investment in the Notes is only suitable for investors who

(i) possess sufficient knowledge and experience in financial and business matters to make a meaningful evaluation of the chances and risks of an investment in the Notes and the information contained or incorporated by reference into the Prospectus or any supplement thereto and any applicable Final Terms;

(ii) have access to, and knowledge of, appropriate analytical tools to evaluate such chances and risks in the context of the potential investor's particular financial situation and to evaluate the impact the Notes will have on their overall investment portfolio;

(iii) understand thoroughly the terms of the relevant Notes and are familiar with the behaviour of the financial markets;

(iv) are capable of bearing the economic risk of an investment in the Notes until the maturity of the relevant Notes, including where the currency for principal or interest payments is different from the potential investor's currency;

(v) know that it may not be possible to dispose of the Notes for a substantial period of time, if at all before maturity, and;

(vi) are able to evaluate (either alone or with the help of a financial advisor) possible scenarios for economic, interest rate and other factors that may affect its investment and ability to bear the applicable risks.

The market-value of Notes with fixed interest rates is dependent on market interest rates. A Holder of a fixed interest rate Note carries the risk that the prices of the Notes can fall as a result of changes in the interest rate on the market. While the nominal interest rate of a Note with a fixed interest rate is fixed for the entire duration of such Notes, the current interest rate on the capital market (market interest rate) typically changes on a daily basis. As the market interest rate changes, the price of a Note with a fixed interest rate also changes - but in the opposite direction. If the market interest rate increases, the price of a Note with a fixed interest rate typically falls until the yield of such Note approximately equals the market interest rate. If the market interest rate decreases, the price of a fixed interest rate Note typically increases, until the yield of such Note is approximately equal to the market interest rate. If the Holder of a Note with a fixed interest rate holds them until maturity, changes of the market interest rate will be irrelevant, as the Notes will be redeemed at a fixed redemption amount, which is normally the nominal amount of such Notes.

A holder of a Note with floating interest rate is exposed to the risk of fluctuating interest rate levels and uncertain interest income. Notes with a floating interest rate can be a volatile investment. A Holder of a Note with a floating interest rate is exposed to the risk of fluctuating interest rate levels and uncertain interest earnings. Interest rate fluctuations make it impossible to determine the profitability of Notes with floating interest rates in advance.

Floating interest rate Notes may be structured to include caps or floors, or any combination of those features. The effect of a cap is that the amount of interest will never rise above and beyond the predetermined cap, so that the holder will not be able to benefit from any actual favourable development beyond the cap. The yield could therefore be considerably lower than that of similar floating interest rate Notes without a cap.

Investors in Notes with floating interest rates should bear in mind that neither the current nor the historical level of the relevant floating interest rate is an indication of the future development of such floating interest rate during the term of any Note.

If the Notes are redeemed prior to maturity, a Holder of such Notes is exposed to the risk of a lower yield than expected. Unless otherwise specified in the relevant Final Terms in regard to a certain Series of Notes, the Issuer may redeem all outstanding Notes for reason of minimal outstanding amount (if provided for in the relevant Final Terms) or if the Issuer is obligated to pay additional amounts in respect to the Notes due to withholding or deduction or on account of, any current or future taxes or any other dues imposed, levied, collected, or withheld by or on behalf of The Netherlands, or if the Guarantor is obligated to pay additional amounts in respect to the Guarantee due to withholding or deduction or on account of, any current or future taxes or any other duties imposed, levied, collected, or withheld by or on behalf of Germany, or for its account or from or for the account of an area municipality authorised to raise taxes or an agency in The Netherlands or in Germany. In addition, the Issuer - if it is so specified in the relevant Final Terms in regard to a certain Series of Notes that these can be redeemed at the Issuer's option in certain circumstances - may optionally choose to redeem the Notes if the prevailing interest rates are relatively low or, if applicable, to redeem the Notes early in case of an event described in more detail in the applicable Final Terms (reason for an early redemption). If the Notes are redeemed prior to maturity, a Holder of such Notes is exposed to the risk that due to such early redemption his investment will have a lower than expected yield. In such circumstances, the investor might possibly not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the relevant Notes.

Holders are subject to the risk of a partial or total failure of the Issuer or the Guarantor to make interest and/or redemption payments. Any person who purchases the Notes is relying on the creditworthiness of the Issuer and the Guarantor and has no rights against any other person. Holders are subject to the risk of a partial or total failure of the Issuer or the Guarantor to make interest and/or redemption payments that the Issuer or the Guarantor is obliged to make under the Notes or the Guarantee, respectively. The worse the creditworthiness of the Issuer or the Guarantor, the higher the risk of loss (see also "Risks relating to the Guarantor" above). A materialization of the credit risk may result in partial or total failure of the Issuer or the Guarantor to make interest and/or redemption payments under the Notes or the Guarantee, respectively.

In addition, even if the likelihood that the Issuer or the Guarantor will be in a position to fully perform all obligations under the Notes or the Guarantee, respectively, when they fall due actually has not decreased, market participants could nevertheless be of that opinion. Market participants may in particular be of such opinion if market participants' assessment of the creditworthiness of corporate debtors in general or debtors operating in the industries sector adversely change. If any of these risks occur, third parties would only be willing to purchase the Notes for a lower price than before the materialization of said risk. The market value of the Notes may therefore decrease.

There is no active public trading market for the Notes. Application has been made to the Luxembourg Stock Exchange for the Notes issued under this Programme to be admitted to trading on the Regulated Market of the Luxembourg Stock Exchange, which is a regulated market for the purposes of Directive 2004/39/EC on Markets in Financial Instruments, and to be listed on the official list of the Luxembourg Stock Exchange. In addition, the Programme provides that the Notes may be listed on other or further stock exchanges or may not be listed at all. Regardless of whether the Notes are listed or not, there can be no assurance regarding the future development of a market for the Notes or the ability of Holders to sell their Notes or the price at which Holders may be able to sell their Notes. If such a market were to develop, the Notes could trade at prices that may be higher or lower than the initial offering price depending on many factors, including prevailing interest rates, Deutsche Annington's operating results, the market for similar securities and other factors, including general economic conditions, performance and prospects, as well as recommendations of securities

87 analysts. The liquidity of, and the trading market for, the Notes may also be adversely affected by declines in the market for debt securities generally. Such a decline may affect any liquidity and trading of the Notes independent of Deutsche Annington's financial performance and prospects. If Notes are not listed on any exchange, pricing information for such Notes may, however, be more difficult to obtain which may affect the liquidity of the Notes adversely. In an illiquid market, an investor might not be able to sell Notes at any time at fair market prices. The possibility to sell Notes might additionally be restricted by country specific reasons. A buyer of a Note must therefore be prepared to retain the Notes until the day of maturity or final redemption.

An investment in the Notes may be subject to the risk of inflation. The inflation risk is the risk of future money depreciation. The real yield from an investment is reduced by inflation. The higher the rate of inflation, the lower the real yield on the Notes. If the inflation rate is equal to or higher than the nominal yield, the real yield is zero or even negative.

The Notes and the Guarantee will be effectively subordinated to Deutsche Annington Group's debt to the extent such debt is secured by assets that are not also securing the Notes. Although the Terms and Conditions of the Notes and the Guarantee require the Guarantor and its Material Subsidiaries to secure the Notes equally if they provide security for the benefit of Capital Markets Indebtedness, the requirement to provide equal security to the Notes is subject to a number of significant exceptions and carve- outs as set out in detail in the Terms and Conditions of the Notes. To the extent the Guarantor or any of its subsidiaries provides security interest over their assets for the benefit of other debt without also securing the Notes, the Notes and the Guarantee will be effectively junior to such debt to the extent of such assets. As a result of the foregoing, holders of (present or future) secured debt of Deutsche Annington Group may recover disproportionately more on their claims than the Holders in an insolvency, bankruptcy or similar proceeding. The Issuer and the Guarantor may not have sufficient assets remaining to make payments under the Notes or the Guarantee, respectively.

The Notes and the Guarantee restrict, but do not eliminate, Deutsche Annington Group's ability to incur additional debt, create liens or take other action that could negatively impact the Holders. The Terms and Conditions of the Notes and the Guarantee restrict Deutsche Annington Group's ability to incur additional indebtedness and to create liens on its assets by requiring the maintenance of certain loan-to-value, interest coverage and unencumbered asset ratios. In addition, the Terms and Conditions of the Notes permit Holders to require the Issuer to redeem or, at the Issuer's option, repurchase the Notes upon the occurrence of a change of control event relating to the Guarantor. However, these restrictions and undertakings may nonetheless allow the Guarantor and its subsidiaries to incur significant additional (secured or unsecured) indebtedness, to grant additional security for the benefit of existing and future indebtedness and to enter into transactions, including reorganizations, mergers, acquisitions and other similar corporate transactions that may adversely affect the Holders. As a result of the foregoing, the Issuer and the Guarantor may not have sufficient assets to make payments on the Notes or the Guarantee, respectively.

There may be transaction costs and/or charges in connection with the purchase or sale of the Notes. When the Notes are purchased or sold, several types of incidental costs (including transaction fees and commissions) are incurred in addition to the purchase or sale price of the Note. Credit institutions as a rule charge commissions which are either fixed minimum commissions or pro-rata commissions, depending on the order value. To the extent that additional - domestic or foreign - parties are involved in the execution of an order, including but not limited to domestic dealers or brokers in foreign markets, Holders may also be charged for the brokerage fees, commissions and other fees and expenses of such parties (third party costs). These incidental costs may significantly reduce or eliminate any profit from holding the Notes.

The income under the Notes may be reduced by taxes. Potential purchasers and sellers of the Notes should be aware that they may be required to pay taxes or other documentary charges or duties in accordance with the laws and practices of the country where the Notes are

88 transferred or other jurisdictions. In some jurisdictions, no official statements of the tax authorities or court decisions may be available for financial instruments such as the Notes. Potential investors are advised not to rely on the tax discussions contained in this Prospectus but to ask for their own tax advisor's advice on their individual taxation with respect to the acquisition, sale and redemption of the Notes. Only these advisors are in a position to duly consider the specific situation of the potential investor.

The development of market prices of the Notes depends on various factors. The market value of the Notes is influenced by a change in the creditworthiness (or the perception thereof) of the Issuer or the Guarantor and by the credit rating of the Guarantor and a number of other factors including market interest and rate of return and the remaining time until the day of maturity.

The development of market prices of the Notes depends on various factors, such as changes of market interest rate levels, the policies of central banks, overall economic developments, inflation rates or the lack of or excess demand for the relevant type of Note. The Holders are therefore exposed to the risk of an unfavourable development of market prices of their Notes which materialize if the Holders sell the Notes prior to the maturity of such Notes. If a holder of Notes decides to hold the Notes until final maturity, the Notes will be redeemed at the amount set out in the relevant Final Terms.

The trading market for debt securities may be volatile and may be adversely impacted by many events. The market for debt securities issued by the Issuer is influenced by a number of interrelated factors, including economic, financial and political conditions and events in Germany as well as economic conditions and, to varying degrees, market conditions, interest rates, currency exchange rates and inflation rates in other European and other industrialized countries. There can be no assurance that events in Germany, Europe or elsewhere will not cause market volatility or that such volatility will not adversely affect the price of the Notes or that economic and market conditions will not have any other adverse effect. Accordingly, the price at which a Holder will be able to sell its Notes prior to maturity may be at a discount, which could be substantial, from the issue price or the purchase price paid by such Holder.

Credit ratings may not reflect all risks and are subject to change. Ratings assigned to the Guarantor by rating agencies are an indicator of the Guarantor's ability to meet its obligations under the Guarantee in a timely manner. The lower the assigned rating is on the respective scale the higher the respective rating agency assesses the risk that obligations will not be met at all or not be met in a timely manner. The market value of the Notes from time to time is likely to be dependent upon the level of credit rating assigned to the long-term debt of the Guarantor. Rating agencies may change, suspend or withdraw their ratings at short notice. A rating's change, suspension or withdrawal may affect the price and the market value of the outstanding Notes. An investor may thus incur financial disadvantages, as he may not be able to sell the Notes at a fair price. The ratings may not reflect the potential impact of all risks related to the structure, market and additional factors discussed herein, and other factors that may affect the value of the Notes. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.

No assurance can be given as to the impact of any possible judicial decision or change of laws or administrative practices after the date of this Prospectus. The Terms and Conditions of the Notes are based on the laws of the Federal Republic of Germany in effect as at the date of this Prospectus. No assurance can be given as to the impact of any possible judicial decision or change to German law or administrative practice or the official application or interpretation of German law after the date of this Prospectus.

A potential investor may not rely on the Issuer, the Guarantor, the Dealers or any of their respective affiliates in connection with its determination as to the legality of its acquisition of the Notes. Each potential investor in the Notes must determine, based on its own independent review and such professional advice as it deems appropriate under the circumstances, that its acquisition of the Notes is fully consistent with its

(or if it is acquiring the Notes in a fiduciary capacity, the beneficiary's) financial needs, objectives and condition, complies and is fully consistent with all investment policies, guidelines and restrictions applicable to it (whether acquiring the Notes as principal or in a fiduciary capacity) and is a fit, proper and suitable investment for it (or if it is acquiring the Notes in a fiduciary capacity, for the beneficiary), notwithstanding the clear and substantial risks inherent in investing in or holding the Notes.

Without independent review and advice, an investor may not adequately understand the risks inherent with an investment in the Notes and may lose parts or all of his capital invested without taking such or other risks into consideration before investing in the Notes.

Although the occurrence of specific change of control events will permit Holders to require redemption or repurchase of the Notes, the Issuer may not be able to redeem or repurchase such Notes. Upon the occurrence of specific change of control events, the Holders will have the right to require the redemption or, at the option of the Issuer, to require repurchase of all of their Notes at their principal amount, plus accrued and unpaid interest. The Issuer's or the Guarantor's ability to redeem or repurchase Notes upon such a change of control event will be limited by its access to funds at the time of the redemption or repurchase. Upon a change of control event, the Guarantor may be required to immediately repay the outstanding principal, any accrued interest on and any other amounts owed by it under other debt outstanding. The source of funds for these repayments would be the available cash or cash generated from other sources. However, there can be no assurance that there will be sufficient funds available upon a change of control event to make these repayments and any required redemption or repurchases of tendered Notes.

In case of certain Events of Default, each Series of Notes will only be redeemable if Holders of at least 10 per cent of the aggregate principal amount of the respective Series of Notes then outstanding declare such Series of Notes due and payable. Such declaration of acceleration may be rescinded by majority resolution of the Holders of such Series of Notes. The Terms and Conditions of each Series of Notes provide that, in case of certain events of default, any notice declaring the respective Series of Notes due and payable shall become effective only when the Paying Agent has received default notices from Holders representing at least 10 per cent of the aggregate principal amount of such Series of Notes then outstanding. In addition, under the German Act on Debt Securities (Schuldverschreibungsgesetz – "SchVG"), even if a default notice had been given by a sufficient number of Holders of the respective Series of Notes, the Holders of such Series of Notes could rescind such acceleration by majority resolution within three months. A simple majority of votes would be sufficient for a resolution on the rescission of such acceleration but, in any case, more Holders would have to consent to a rescission than have delivered default notices.

Holders should be aware that, as a result, they may not be able to accelerate any Series of Notes upon the occurrence of certain events of default, unless the required quorum of Holders with respect to such Series of Notes delivers default notices and such acceleration is not rescinded by majority resolution of the Holders of such Series of Notes.

The Terms and Conditions and the terms of the Guarantee, including the terms of payment of principal and interest, can be amended by a Holders' resolution and any such resolution will be binding for all Holders of the respective Series of Notes. Any such resolution may effectively be passed with the consent of less than a majority of the aggregate principal amount of any Series of Notes outstanding. The Terms and Conditions of each Series of Notes or the Guarantee may be amended or other measures relating to such Notes or the Guarantee may be taken by majority resolution of the Holders of such Notes. The voting process under the Terms and Conditions of the Notes will be governed in accordance with the SchVG, pursuant to which

90 the required participation of Holder votes (quorum) is principally set at 50 per cent of the aggregate principal amount of outstanding Notes of the respective Series in a vote without a meeting. In case there is no sufficient quorum in the vote without a meeting, there is no minimum quorum requirement in a second meeting or voting on the same resolution (unless the resolution to be passed requires a qualified majority, in which case Holders representing at least 25 per cent of outstanding notes by principal amount must participate in the meeting or voting). As the relevant majority for Holders' resolutions is generally based on votes cast, rather than on principal amount of Notes of the respective Series outstanding, the aggregate principal amount such Notes required to vote in favour of an amendment will vary based on the Holders' votes participating. Therefore, a Holder is subject to the risk of being outvoted by a majority resolution of such Holders and losing rights towards the Issuer or the Guarantor against his will in the event that Holders holding a sufficient aggregate principal amount of the relevant Series of Notes participate in the vote and agree to amend the Terms and Conditions or the terms of the Guarantee of such Series of Notes or on other matters relating to the Notes or the Guarantee by majority vote in accordance with the Terms and Conditions of the Notes and the SchVG.

Since no Holders' Representative will be appointed as from the issue date of Notes, it will be more difficult for Holders to take collective action with respect to the Notes and the Guarantee. No initial Holders' Representative will be appointed under the Terms and Conditions of the Notes. Any appointment of a Holders' Representative for any Series of Notes post issuance of the Notes will, therefore, require a majority resolution of the Holders of each Series of Notes.

If a Holders' Representative has been appointed by majority resolution of the Holders, it is possible that a Holder may be deprived of its individual right to pursue and enforce its rights under the Terms and Conditions against the Issuer or the Guarantor, if such right was passed to the Holders' Representative by majority vote who is then exclusively responsible to claim and enforce the rights of all the Holders.

Notes may be denominated in a currency other then Euro. A Holder of Notes denominated in a currency other than Euro is particularly exposed to the risk of changes in currency exchange rates which may affect the yield of such Notes. Changes in currency exchange rates result from various factors such as macro-economic factors, speculative transactions and interventions by central banks and governments. A change in the value of any foreign currency against the Euro, for example, will result in a corresponding change in the Euro value of Notes denominated in a currency other than Euro and a corresponding change in the Euro value of interest and principal payments made in a currency other than Euro in accordance with the terms of such Notes. If the underlying exchange rate falls and the value of the Euro correspondingly rises, the price of the Notes and the value of interest and principal payments made thereunder expressed in Euro falls. In addition, government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable currency exchange rate. As a result, Holders may receive less interest or principal than expected.

Exchange rate risks and exchange controls. Potential investors should bear in mind that an investment in the Notes involves currency risks. This presents certain risks relating to currency conversions if a Holder's financial activities are denominated principally in a currency or currency unit (the "investor's currency") other than the specified currency of a Series of Notes. These include the risk that exchange rates may change significantly (including changes due to devaluation of the specified currency of the Notes or revaluation of the investor's currency) and the risk that authorities with jurisdiction over the investor's currency may impose or modify exchange controls. An appreciation in the value of the investor's currency relative to the specified currency of the Notes would decrease (i) the investor's currency-equivalent yield on the Notes, (ii) the investor's currency equivalent value of the principal payable on the Notes and (iii) the investor's currency-equivalent market value of the Notes.

In addition, government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable currency exchange rate. As a result, Holders may receive less interest or principal than expected, or no interest or principal.

Payments on the Notes may be subject to U.S. withholding under the Foreign Account Tax Compliance Act. Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986 (or "FATCA") imposed a reporting regime and, potentially, a 30 per cent. withholding tax with respect to (i) certain payments from sources within the United States, (ii) "foreign passthru payments" made to certain non-U.S. financial institutions that do not comply with this new reporting regime, and (iii) payments to certain investors that do not provide identification information with respect to interests issued by a participating non-U.S. financial institution. While the Notes are in global form and held within Euroclear Bank SA/NV. or Clearstream Banking, société anonyme (together the "ICSDs"), in all but the most remote circumstances, it is not expected that FATCA will affect the amount of any payment received by the ICSDs. However, FATCA may affect payments made to custodians or intermediaries in the subsequent payment chain leading to the ultimate investor if any such custodian or intermediary generally is unable to receive payments free of FATCA withholding. It also may affect payment to any ultimate investor that is a financial institution that is not entitled to receive payments free of withholding under FATCA, or an ultimate investor that fails to provide its broker (or other custodian or intermediary from which it receives payment) with any information, forms, other documentation or consents that may be necessary for the payments to be made free of FATCA withholding. Investors should choose the custodians or intermediaries with care (to ensure each is compliant with FATCA or other laws or agreements related to FATCA) and provide each custodian or intermediary with any information, forms, other documentation or consents that may be necessary for such custodian or intermediary to make a payment free of FATCA withholding. Investors should consult their own tax adviser to obtain a more detailed explanation of FATCA and how FATCA may affect them. The Issuer's obligations under the Notes are discharged once it has paid the common depositary or common safekeeper for the ICSDs, and the Issuer has therefore no responsibility for any amount thereafter transmitted through the ICSDs and custodians or intermediaries. Prospective investors should refer with respect to FATCA to the section "Taxation - Foreign Account Tax Compliance Act".

The Financial Transactions Tax could apply the certain dealings in the Notes. On 14 February 2013, the European Commission published a proposal for a directive for a common financial transactions tax ("FTT") in Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia (the "participating Member States"). The FTT as proposed by the European Commission could, if introduced, apply to certain dealings in the Notes in certain circumstances, in particular where at least one party is a financial institution. The FTT, if introduced, could apply to persons both within and outside of the participating Member States. As a result, Holders may be burdened with additional costs for the execution of transactions with the Notes. Prospective investors should refer with respect to the FTT to the section "Taxation - The proposed financial transactions tax (FTT)".

RESPONSIBILITY STATEMENT

Deutsche Annington Finance B.V. (the "Issuer") and Deutsche Annington Immobilien SE (the "Guarantor" and, together with all consolidated subsidiaries, "Deutsche Annington" or the "Deutsche Annington Group" or the "Group") are solely responsible for the information given in this Prospectus and for the information which will be contained in the Final Terms. Each of the Issuer and the Guarantor hereby declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Prospectus and will be contained in the Final Terms for which it is responsible, is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import.

CONSENT TO THE USE OF THE PROSPECTUS

Each Dealer and/or each further financial intermediary subsequently reselling or finally placing Notes issued under the Programme is entitled to use the Prospectus in the Grand Duchy of Luxembourg ("Luxembourg"), Germany, Austria, The Netherlands for the subsequent resale or final placement of the relevant Notes during the respective offer period (as determined in the applicable Final Terms) during which subsequent resale or final placement of the relevant Notes can be made, provided however, that the Prospectus is still valid in accordance with Article 11 of the Luxembourg Prospectus Law. The Issuer accepts responsibility for the information given in this Prospectus also with respect to such subsequent resale or final placement of the relevant Notes.

The Prospectus may only be delivered to potential investors together with all supplements published before such delivery. Any supplement to the Prospectus is available for viewing in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu) as well as on the website of Deutsche Annington (www.deutsche- annington.com). When using the Prospectus, each Dealer and/or relevant further financial intermediary must make certain that it complies with all applicable laws and regulations in force in the respective jurisdictions.

In the event of an offer being made by a Dealer and/or a further financial intermediary the Dealer and/or the further financial intermediary, shall provide information to investors on the terms and conditions of the Notes at the time of that offer.

Any Dealer and/or a further financial intermediary using the Prospectus shall state on its website that it uses the Prospectus in accordance with this consent and the conditions attached to this consent.

GENERAL DESCRIPTION OF THE PROGRAMME

General

Under this EUR 8,000,000,000 Debt Issuance Programme, the Issuer may from time to time issue notes (the "Notes") to one or more of the following Dealers: Barclays Bank PLC, Commerzbank Aktiengesellschaft, Credit Suisse Securities (Europe) Limited, J.P. Morgan Securities plc ("J.P. Morgan"), Morgan Stanley & Co. International plc, Société Générale, UniCredit Bank AG and any additional Dealer appointed under the Programme from time to time by the Issuer, which appointment may be for a specific issue ("Dealer of the Day") or on an ongoing basis (together, the "Dealers"). J.P. Morgan acts also as arranger in respect of the Programme (the "Arranger"). The maximum aggregate principal amount of the Notes outstanding at any one time under the Programme will not exceed EUR 8,000,000,000 (or its equivalent in any other currency). The Issuer may increase the amount of the Programme in accordance with the terms of the Dealer Agreement from time to time.

The Notes will have the benefit of a guarantee given by the Guarantor (the "Guarantee"). The Guarantee constitutes an irrevocable, unsecured and unsubordinated obligation of the Guarantor ranking pari passu with all other unsecured and unsubordinated obligations of the Guarantor. The Guarantee will be governed by German law.

Notes may be issued on a continuing basis to one or more of the Dealers. Notes may be distributed by way of public offer or private placement and, in each case, on a syndicated or non-syndicated basis. The method of distribution of each tranche ("Tranche") will be stated in the relevant final terms (the "Final Terms"). In case of Notes listed on the Luxembourg Stock Exchange, the Final Terms will be displayed on the website of the Luxembourg Stock Exchange (www.bourse.lu). One or more Tranches may form a series of Notes ("Series").

Notes may be issued at par or a discount to or a premium over par, as stated in the relevant Final Terms. The minimum denomination of the Notes issued will be EUR 1,000 or an amount in any other currency which is at least equivalent on the issue date. The Notes will be offered to qualified investors pursuant to the Prospectus Directive and/or non-qualified investors, as stated in the relevant Final Terms.

The Notes issued under this Base Prospectus will be issued as fixed or floating rate Notes.

A reference rate may be any one or more of EURIBOR (the European Interbank Offered Rate), LIBOR (the London Interbank Offered Rate) or any other interest or other rate that appears on a reference page.

For the avoidance of doubt the content of any website referred to in this Prospectus does not form part of this Prospectus.

The yield for Notes with fixed interest rates will be calculated by the use of the ICMA method, which determines the effective interest rate of notes taking into account accrued interest on a daily basis.

Application has been made to the Luxembourg Stock Exchange for Notes issued under this Programme to be admitted to trading on the Regulated Market of the Luxembourg Stock Exchange (which is a regulated market for the purposes of Directive 2004/39/EC on Markets in Financial Instruments) and to be listed on the Official List of the Luxembourg Stock Exchange. The Programme provides that Notes may be listed on other or further stock exchanges, as may be agreed upon between the Issuer and the relevant Dealer(s) in relation to each issue. Notes may further be issued under the Programme which will not be listed on any stock exchange.

Under the Luxembourg Prospectuses Law, prospectuses relating to money market instruments having a maturity at issue of less than 12 months and complying also with the definition of securities are not subject to the approval provisions of Part II of such law.

Notes will be accepted for clearing through one or more Clearing Systems as specified in the applicable Final Terms. These systems will include those operated by Clearstream Banking AG, Clearstream Banking, société anonyme and Euroclear Bank SA/NV as operator of the Euroclear system.

Deutsche Bank Luxembourg SA will act as Listing Agent ("Listing Agent") and Deutsche Bank Aktiengesellschaft will act as fiscal agent (the "Fiscal Agent") and paying agent (the "Paying Agent") under the Programme.

Issue Procedures

General The Issuer and the relevant Dealer(s) will agree on the terms and conditions applicable to each particular Tranche of Notes (the "Conditions"). The Conditions will be constituted by the Terms and Conditions of the Notes set forth below (the "Terms and Conditions") as further specified by the Final Terms.

Options for sets of Terms and Conditions A separate set of Terms and Conditions applies to each type of Notes, as set forth below. The Final Terms provide for the Issuer to choose between the following Options:

• Option I - Terms and Conditions for Notes with fixed interest rates; and

• Option II - Terms and Conditions for Notes with floating interest rates.

Documentation of the Conditions The Issuer may document the Conditions of an individual issue of Notes in either of the following ways:

• The Final Terms shall be completed as set out therein. The Final Terms shall determine which of Option I or Option II, including certain further options contained therein, respectively, shall be applicable to the individual issue of Notes by replicating the relevant provisions and completing the relevant placeholders of the relevant set of Terms and Conditions as set out in the Prospectus in the Final Terms. The replicated and completed provisions of the set of Terms and Conditions alone shall constitute the Conditions, which will be attached to each global note representing the Notes of the relevant Tranche. This type of documentation of the Conditions will be required where the Notes are publicly offered, in whole or in part, or are to be initially distributed, in whole or in part, to non-qualified investors.

• Alternatively, the Final Terms shall determine which of Option I or Option II and of the respective further options contained in each of Option I and Option II are applicable to the individual issue by referring to the relevant provisions of the relevant set of Terms and Conditions as set out in the Prospectus only. The Final Terms will specify that the provisions of the Final Terms and the relevant set of Terms and Conditions as set out in the Prospectus, taken together, shall constitute the Conditions. Each global note representing a particular Tranche of Notes will have the Final Terms and the relevant set of Terms and Conditions as set out in the Prospectus attached.

Determination of Options / Completion of Placeholders The Final Terms shall determine which of the Option I or Option II shall be applicable to the individual issue of Notes. Each of the sets of Terms and Conditions of Option I or Option II contains also certain further options (characterized by indicating the respective optional provision through instructions and explanatory notes set out either on the left of or in square brackets within the text of the relevant set of Terms and Conditions as set out in the Prospectus) as well as placeholders (characterized by square brackets which include the relevant items) which will be determined by the Final Terms as follows:

Determination of Options The Issuer will determine which options will be applicable to the individual issue either by replicating the relevant provisions in the Final Terms or by reference of the Final Terms to the respective sections of the relevant set of Terms and Conditions as set out in the Prospectus. If the Final Terms do not refer to an alternative or optional provision or such alternative or optional provision is not replicated therein it shall be deemed to be deleted from the Conditions.

Completion of Placeholders The Final Terms will specify the information with which the placeholders in the relevant set of Terms and Conditions will be completed. In the case the provisions of the Final Terms and the relevant set of Terms and Conditions, taken together, shall constitute the Conditions the relevant set of Terms and Conditions shall be deemed to be completed by the information contained in the Final Terms as if such information were inserted in the placeholders of such provisions.

All instructions and explanatory notes and text set out in square brackets in the relevant set of Terms and Conditions and any footnotes and explanatory text in the Final Terms will be deemed to be deleted from the Conditions.

Controlling Language As to the controlling language of the respective Conditions, the following applies:

• In the case of Notes (i) publicly offered, in whole or in part, in Germany, or (ii) initially distributed, in whole or in part, to non-qualified investors in Germany, German will be the controlling language. If, in the event of such public offer or distribution to nonqualified investors, however, English is chosen as the controlling language, a German language translation of the Conditions will be available from the principal offices of the Fiscal Agent and the Issuer, as specified on the back cover of this Prospectus.

• In other cases the Issuer will elect either German or English to be the controlling language.

TERMS AND CONDITIONS OF THE NOTES

TERMS AND CONDITIONS OF THE NOTES - EMISSIONSBEDINGUNGEN DER INTRODUCTION SCHULDVERSCHREIBUNGEN - EINFÜHRUNG

The Terms and Conditions of the Notes (the "Terms Die Emissionsbedingungen für die and Conditions") are set forth below for two options: Schuldverschreibungen (die "Emissionsbedingungen") sind nachfolgend in zwei Optionen aufgeführt: Option I comprises the set of Terms and Conditions Option I umfasst den Satz der Emissionsbedingungen, that apply to Tranches of Notes with fixed interest der auf Tranchen von Schuldverschreibungen mit rates. fester Verzinsung Anwendung findet. Option II comprises the set of Terms and Conditions Option II umfasst den Satz der Emissionsbedingungen, that apply to Tranches of Notes with floating interest der auf Tranchen von Schuldverschreibungen mit rates. variabler Verzinsung Anwendung findet. The set of Terms and Conditions for each of these Der Satz von Emissionsbedingungen für jede dieser Options contains certain further options, which are Optionen enthält bestimmte weitere Optionen, die characterised accordingly by indicating the respective entsprechend gekennzeichnet sind, indem die jeweilige optional provision through instructions and optionale Bestimmung durch Instruktionen und explanatory notes set out either on the left of or in Erklärungen entweder links von dem Satz der square brackets within the set of Terms and Emissionsbedingungen oder in eckigen Klammern Conditions. In the Final Terms the Issuer will innerhalb des Satzes der Emissionsbedingungen determine, which of the Option I or Option II bezeichnet wird. In den Endgültigen Bedingungen including certain further options contained therein, wird die Emittentin festlegen, welche der Option I respectively, shall apply with respect to an individual oder Option II (einschließlich der jeweils enthaltenen issue of Notes, either by replicating the relevant bestimmten weiteren Optionen) für die einzelne provisions or by referring to the relevant options. Emission von Schuldverschreibungen Anwendung findet, indem entweder die betreffenden Angaben wiederholt werden oder auf die betreffenden Optionen verwiesen wird. To the extent that upon the approval of the Prospectus Soweit die Emittentin zum Zeitpunkt der Billigung des the Issuer does not have knowledge of certain items Prospektes keine Kenntnis von bestimmten Angaben which are applicable to an individual issue of Notes, hatte, die auf eine einzelne Emission von this Prospectus contains placeholders set out in square Schuldverschreibungen anwendbar sind, enthält dieser brackets which include the relevant items that will be Prospekt Platzhalter in eckigen Klammern, die die completed by the Final Terms. maßgeblichen durch die Endgültigen Bedingungen zu vervollständigenden Angaben enthalten. [In the case the Final Terms applicable to an [Im Fall, dass die Endgültigen Bedingungen, die für individual issue only refer to the further options eine einzelne Emission anwendbar sind, nur auf die contained in the set of Terms and Conditions for weiteren Optionen verweisen, die im Satz der Option I or Option II, the following applies: The Emissionsbedingungen der Option I oder Option II provisions of these Terms and Conditions apply to the enthalten sind, ist folgendes anwendbar: Die Notes as completed by the terms of the final terms Bestimmungen dieser Emissionsbedingungen gelten which is attached hereto (the "Final Terms"). The für diese Schuldverschreibungen so, wie sie durch die blanks in the provisions of these Terms and Angaben der beigefügten endgültigen Bedingungen Conditions which are applicable to the Notes shall be (die "Endgültigen Bedingungen") vervollständigt deemed to be completed by the information contained werden. Die Platzhalter in den auf die in the Final Terms as if such information were inserted Schuldverschreibungen anwendbaren Bestimmungen

98 in the blanks of such provisions; alternative or dieser Emissionsbedingungen gelten als durch die in optional provisions of these Terms and Conditions as den Endgültigen Bedingungen enthaltenen Angaben to which the corresponding provisions of the Final ausgefüllt, als ob die Platzhalter in den betreffenden Terms are indicated as "not applicable" shall be Bestimmungen durch diese Angaben vervollständigt deemed to be deleted from these Terms and wären; alternative oder wählbare Bestimmungen dieser Conditions; and all provisions of these Terms and Emissionsbedingungen, deren Entsprechungen in den Conditions which are inapplicable to the Notes Endgültigen Bedingungen sind als "nicht anwendbar" (including instructions, explanatory notes and text set gekennzeichnet, gelten als aus diesen out in square brackets) shall be deemed to be deleted Emissionsbedingungen gestrichen; sämtliche auf die from these Terms and Conditions, as required to give Schuldverschreibungen nicht anwendbaren effect to the terms of the Final Terms. Copies of the Bestimmungen dieser Emissionsbedingungen Final Terms may be obtained free of charge at the (einschließlich der Anweisungen, Anmerkungen und specified office of the Fiscal Agent and at the der Texte in eckigen Klammern) gelten als aus diesen principal office of the Guarantor provided that, in the Emissionsbedingungen gestrichen, so dass die case of Notes which are not listed on any stock Bestimmungen der Endgültigen Bedingungen Geltung exchange, copies of the relevant Final Terms will only erhalten. Kopien der Endgültigen Bedingungen sind be available to Holders of such Notes.] kostenlos bei der bezeichneten Geschäftsstelle des Fiscal Agent sowie bei der Hauptgeschäftsstelle der Garantin erhältlich; bei nicht an einer Börse notierten Schuldverschreibungen sind Kopien der betreffenden Endgültigen Bedingungen allerdings ausschließlich für die Gläubiger solcher Schuldverschreibungen erhältlich.]

TERMS AND CONDITIONS OF THE NOTES - OPTION I NOTES WITH A FIXED INTEREST RATE

Terms and Conditions that apply to Notes with fixed Emissionsbedingungen für Schuldverschreibungen mit interest rates fester Verzinsung § 1 CURRENCY, DENOMINATION, FORM, § 1 WÄHRUNG, STÜCKELUNG, FORM, CERTAIN DEFINITIONS BESTIMMTE DEFINITIONEN (1) Currency; Denomination. This issue of notes (1) Währung; Stückelung. Diese Emission von (the "Notes") of Deutsche Annington Finance Schuldverschreibungen (die B.V., a private company with limited liability "Schuldverschreibungen") der Deutsche incorporated in The Netherlands (the "Issuer"), Annington Finance B.V., einer in den is being issued in the aggregate principal amount Niederlanden errichteten Gesellschaft mit [In case the Global Note is an NGN the beschränkter Haftung (die "Emittentin") wird following applies: (subject to § 1(6)] of am [Begebungstag] (der "Begebungstag") im [Specified Currency] [aggregate principal Gesamtnennbetrag [falls die Globalurkunde eine amount] (in words: [aggregate principal NGN ist gilt folgendes: (vorbehaltlich § 1(6))] amount in words]) in denominations of von [Festgelegte Währung] [Specified Currency] [Specified Denomination] [Gesamtnennbetrag] (in Worten: (the "Specified Denomination") on [Issue Date] [Gesamtnennbetrag in Worten]) in einer (the "Issue Date"). Stückelung von [Festgelegte Währung] [Festgelegte Stückelung] (die "Festgelegte Stückelung") begeben. (2) Form. The Notes are being issued in bearer form. (2) Form. Die Schuldverschreibungen lauten auf den Inhaber. (3) Temporary Global Note - Exchange. (3) Vorläufige Globalurkunde - Austausch. (a) The Notes are initially represented by a (a) Die Schuldverschreibungen sind anfänglich temporary global note (the "Temporary durch eine vorläufige Globalurkunde (die Global Note") without coupons. The "Vorläufige Globalurkunde") ohne Temporary Global Note will be Zinsscheine verbrieft. Die Vorläufige exchangeable for Notes in Specified Globalurkunde wird gegen Denominations represented by a permanent Schuldverschreibungen in den Festgelegten global note (the "Permanent Global Note" Stückelungen, die durch eine and, together with the Temporary Global Dauerglobalurkunde (die Note, the "Global Notes") without "Dauerglobalurkunde" und, zusammen coupons. [In the case of Euroclear and mit der Vorläufigen Globalurkunde, die CBL and if the Global Note is an NGN the "Globalurkunden") ohne Zinsscheine following applies: The details of such verbrieft sind, ausgetauscht. [Im Fall von exchange shall be entered in the records of Euroclear und CBL und wenn die the ICSD (as defined below).] The Globalurkunde eine NGN ist gilt Temporary Global Note and the Permanent folgendes: Die Einzelheiten eines solchen Global Note shall each be signed by two Austausches werden in die Register der authorised signatories of the Issuer and ICSD (wie nachstehend definiert) shall each be authenticated by or on behalf eingetragen.] Die Vorläufige Globalurkunde of the Fiscal Agent. Definitive certificates und die Dauerglobalurkunde tragen jeweils representing individual Notes and interest die eigenhändigen Unterschriften coupons will not be issued. ordnungsgemäß bevollmächtigter Vertreter der Emittentin und sind jeweils von dem Fiscal Agent oder in dessen Namen mit

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einer Kontrollunterschrift versehen. Einzelurkunden und Zinsscheine werden nicht ausgegeben. (b) The Temporary Global Note shall be (b) Die Vorläufige Globalurkunde wird an exchanged for the Permanent Global Note einem Tag (der "Austauschtag") gegen die on a date (the "Exchange Date") not later Dauerglobalurkunde ausgetauscht, der nicht than 180 days after the Issue Date of the mehr als 180 Tage nach dem Begebungstag Notes. The Exchange Date shall not be der Schuldverschreibungen liegt. Der earlier than 40 days after the Issue Date. Austauschtag wird nicht weniger als 40 Such exchange shall only be made upon Tage nach dem Begebungstag liegen. Ein delivery of certifications to the effect that solcher Austausch darf nur nach Vorlage the beneficial owner or owners of the Notes von Bescheinigungen erfolgen, wonach der is not a U.S. person (other than certain oder die wirtschaftlichen Eigentümer der financial institutions or certain persons Schuldverschreibungen keine U.S.-Personen holding Notes through such financial sind (ausgenommen bestimmte institutions). Payment of interest on Notes Finanzinstitute oder bestimmte Personen, represented by a Temporary Global Note die Schuldverschreibungen über solche will be made only after delivery of such Finanzinstitute halten). Solange die certifications. A separate certification shall Schuldverschreibungen durch eine be required in respect of each such payment Vorläufige Globalurkunde verbrieft sind, of interest. Any such certification received werden Zinszahlungen erst nach Vorlage on or after the 40th day after the Issue Date solcher Bescheinigungen vorgenommen. of the Notes will be treated as a request to Eine gesonderte Bescheinigung ist für jede exchange the Temporary Global Note solche Zinszahlung erforderlich. Jede pursuant to this § 1(3)(b). Any Notes Bescheinigung, die am oder nach dem 40. delivered in exchange for the Temporary Tag nach dem Begebungstag der Global Note shall be delivered only outside Schuldverschreibungen eingeht, wird als ein of the United States (as defined in § 1[(7)]). Ersuchen behandelt werden, die Vorläufige Globalurkunde gemäß diesem § 1(3)(b) auszutauschen. Schuldverschreibungen, die im Austausch für die Vorläufige Globalurkunde geliefert werden, dürfen nur außerhalb der Vereinigten Staaten (wie in § 1[(7)] definiert) geliefert werden. (4) Clearing System. Each Global Note will be kept (4) Clearingsystem. Jede Globalurkunde wird in custody by or on behalf of the Clearing solange von einem oder im Namen eines System until all obligations of the Issuer under Clearingsystems verwahrt, bis sämtliche the Notes have been satisfied. "Clearing Verbindlichkeiten der Emittentin aus den System" means [in case of more than one Schuldverschreibungen erfüllt sind. Clearing System, the following applies: each of] "Clearingsystem" bedeutet [bei mehr als einem the following: [Clearstream Banking AG, Clearingsystem gilt folgendes: jeweils] Frankfurt am Main ("CBF")] [Clearstream folgendes: [Clearstream Banking AG, Frankfurt Banking, société anonyme Luxembourg am Main ("CBF")] [Clearstream Banking, ("CBL")] [and] [Euroclear Bank SA/NV société anonyme, Luxemburg ("CBL")] [und] Brussels ("Euroclear")] and any successor in [Euroclear Bank SA/ NV Brüssel ("Euroclear")] such capacity. [In the case of CBL and sowie jeder Funktionsnachfolger. [Im Falle von Euroclear as Clearing System the following CBL oder Euroclear als Clearingsystem, gilt applies: "International Central Securities folgendes: "International Central Securities Depositary" or "ICSD" means each of CBL and Depositary" oder "ICSD" bezeichnet jeweils

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Euroclear (together, the "ICSDs")]. CBL und Euroclear (zusammen die "ICSDs")]. [In the case of Notes kept in custody on behalf [Im Fall von Schuldverschreibungen, die im of the ICSDs and the Global Note is an NGN, Namen der ICSDs verwahrt werden und falls the following applies: The Notes are issued in die Globalurkunde eine NGN ist gilt folgendes: new global note ("NGN") form and are kept in Die Schuldverschreibungen werden in Form custody by a common safekeeper on behalf of einer New Global Note ("NGN") ausgegeben und both ICSDs.] von einem Common Safekeeper im Namen beider ICSDs verwahrt.] [In the case of Notes kept in custody on behalf [Im Fall von Schuldverschreibungen, die im of the ICSDs and the Global Note is a CGN, the Namen der ICSDs verwahrt werden und falls following applies: The Notes are issued in die Globalurkunde eine CGN ist gilt folgendes: classical global note ("CGN") form and are kept Die Schuldverschreibungen werden in Form in custody by a common depositary on behalf of einer Classical Global Note ("CGN") ausgegeben both ICSDs.] und von einer gemeinsamen Verwahrstelle im Namen beider ICSDs verwahrt.] (5) Holder of Notes. "Holder" means any holder of a (5) Gläubiger von Schuldverschreibungen. proportionate co-ownership or other beneficial "Gläubiger" bezeichnet jeden Inhaber eines interest or right in the Notes. Miteigentumsanteils oder anderen vergleichbaren Rechts an den Schuldverschreibungen. [In the case the Global Note is an NGN, the [Falls die Globalurkunde eine NGN ist, gilt following applies: folgendes: (6) Records of the ICSDs. The principal amount of (6) Register der ICSDs. Der Nennbetrag der durch Notes represented by the Global Note shall be die Globalurkunde verbrieften the aggregate amount from time to time entered Schuldverschreibungen entspricht dem jeweils in in the records of both ICSDs. The records of the den Registern beider ICSDs eingetragenen ICSDs (which expression means the records that Gesamtbetrag. Die Register der ICSDs (unter each ICSD holds for its customers which reflect denen man die Register versteht, die jeder ICSD the amount of such customer's interest in the für seine Kunden über den Betrag ihres Anteils Notes) shall be conclusive evidence of the an den Schuldverschreibungen führt) sind principal amount of Notes represented by the schlüssiger Nachweis über den Nennbetrag der Temporary Global Note or the Permanent Global durch die Vorläufige Globalurkunde bzw. die Note, as the case may be, and, for these Dauerglobalurkunde verbrieften purposes, a statement issued by an ICSD stating Schuldverschreibungen und eine zu diesen the principal amount of Notes so represented at Zwecken von einem ICSD jeweils ausgestellte any time shall be conclusive evidence of the Bestätigung mit dem Nennbetrag der so records of the relevant ICSD at that time. verbrieften Schuldverschreibungen ist zu jedem Zeitpunkt ein schlüssiger Nachweis über den Inhalt des Registers des jeweiligen ICSD. On any redemption or payment of an installment Bei Rückzahlung oder Zahlung einer or interest being made in respect of, or purchase Rückzahlungsrate oder Zinszahlung bezüglich and cancellation of, any of the Notes represented der durch die Globalurkunde verbrieften by the Global Note the Issuer shall procure that Schuldverschreibungen bzw. bei Kauf und details of any redemption, payment or purchase Entwertung der durch die Globalurkunde and cancellation (as the case may be) in respect verbrieften Schuldverschreibungen stellt die of the Global Note shall be entered pro rata in Emittentin sicher, dass die Einzelheiten über jede the records of the ICSDs and, upon any such Rückzahlung und Zahlung bzw. Kauf und entry being made, the principal amount of the Entwertung bezüglich der Globalurkunden Notes recorded in the records of the ICSDs and anteilig in die Register der ICSDs eingetragen

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represented by the Global Note shall be reduced werden, und nach dieser Eintragung vom by the aggregate principal amount of the Notes Nennbetrag der in die Register der ICSDs so redeemed or purchased and cancelled or by eingetragenen und durch die Globalurkunde the aggregate amount of such installment so verbrieften Schuldschreibungen der paid. Gesamtnennbetrag der zurückgezahlten bzw. gekauften und entwerteten Schuldverschreibungen bzw. der Gesamtbetrag der so gezahlten Raten abgezogen wird. On an exchange of a portion only of the Notes Bei Austausch nur eines Teils von represented by a Temporary Global Note, the Schuldverschreibungen, die durch eine Issuer shall procure that details of such exchange Vorläufige Globalurkunde verbrieft sind, wird die shall be entered pro rata in the records of the Emittentin sicherstellen, dass die Einzelheiten ICSDs.] dieses Austauschs anteilig in die Register der ICSDs eingetragen werden.] [(7)] United States. For the purposes of these Terms [(7)] Vereinigte Staaten. Für die Zwecke dieser and Conditions "United States" means the Emissionsbedingungen bezeichnet "Vereinigte United States of America (including the States Staaten" die Vereinigten Staaten von Amerika thereof and the District of Columbia) and its (einschließlich deren Bundesstaaten und des possessions (including Puerto Rico, the U.S. District of Columbia) sowie deren Territorien Virgin Islands, Guam, American Samoa, Wake (einschließlich Puerto Rico, der U.S. Virgin Island and Northern Mariana Islands). Islands, Guam, American Samoa, Wake Island und Northern Mariana Islands). § 2 STATUS, GUARANTEE § 2 STATUS, GARANTIE (1) Status. The obligations under the Notes (1) Status. Die Schuldverschreibungen begründen constitute direct, unconditional, unsecured and unmittelbare, unbedingte, nicht besicherte und unsubordinated obligations of the Issuer ranking nicht nachrangige Verbindlichkeiten der pari passu among themselves and pari passu with Emittentin, die untereinander und mit allen all other unsecured and unsubordinated anderen nicht besicherten und nicht nachrangigen obligations of the Issuer, unless such obligations Verbindlichkeiten der Emittentin gleichrangig are accorded priority under mandatory provisions sind, soweit diesen Verbindlichkeiten nicht durch of statutory law. zwingende gesetzliche Bestimmungen ein Vorrang eingeräumt wird. (2) Guarantee. Deutsche Annington Immobilien SE (2) Garantie. Die Deutsche Annington Immobilien (the "Guarantor") has given an unconditional SE (die "Garantin") hat eine unbedingte und and irrevocable guarantee (the "Guarantee") for unwiderrufliche Garantie (die "Garantie") für the due and punctual payment of principal of, die ordnungsgemäße und pünktliche Zahlung and interest on, and any other amounts payable aller Kapital-, Zins- und sonstigen auf die under any Notes. The Guarantee constitutes a Schuldverschreibungen zahlbaren Beträge contract for the benefit of the Holders from time übernommen. Die Garantie stellt einen Vertrag to time as third party beneficiaries in accordance zugunsten der Gläubiger als begünstigte Dritte im with section 328 paragraph 1 of the German Sinne des § 328 Abs. 1 BGB dar, der jedem Civil Code (Bürgerliches Gesetzbuch), giving Gläubiger das Recht gibt, die Garantin rise to the right of each Holder to require unmittelbar aus der Garantie auf Erfüllung in performance of the Guarantee directly from the Anspruch zu nehmen und Ansprüche aus der Guarantor and to enforce the Guarantee directly Garantie unmittelbar gegen die Garantin against the Guarantor. Copies of the Guarantee durchzusetzen. Abschriften der Garantie sind bei may be obtained free of charge at the specified der bezeichneten Geschäftsstelle des Fiscal Agent office of the Fiscal Agent. kostenlos erhältlich.

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§ 3 NEGATIVE PLEDGE § 3 NEGATIVVERPFLICHTUNG (1) Negative Pledge of the Issuer. The Issuer (1) Negativverpflichtung der Emittentin. Die undertakes, so long as any Notes are outstanding, Emittentin verpflichtet sich, solange but only up to the time all amounts of principal Schuldverschreibungen ausstehen, jedoch nur bis and interest have been placed at the disposal of zu dem Zeitpunkt, an dem alle Beträge an Kapital the Fiscal Agent, not to create or permit to und Zinsen dem Fiscal Agent zur Verfügung subsist any form of security interest in rem gestellt wurden, keine dinglichen (dingliches Sicherungsrecht) over its assets to Sicherungsrechte an ihren Vermögenswerten zur secure any Capital Market Indebtedness other Besicherung von Kapitalmarktverbindlichkeiten than Securitised Capital Market Indebtedness or (mit Ausnahme Verbriefter to secure any guarantee or indemnity given by Kapitalmarktverbindlichkeiten) oder von durch the Issuer in respect of Capital Market die Emittentin in Bezug auf Indebtedness unless, subject to § 3(3), the Kapitalmarktverbindlichkeiten übernommenen Issuer's obligations under the Notes are secured Garantien oder abgegebenen equally with (or, in case such Capital Market Freistellungserklärungen zu bestellen oder Indebtedness is subordinated debt, senior in fortbestehen zu lassen, es sei denn, die priority to) the Capital Market Indebtedness Verbindlichkeiten der Emittentin aus den secured by such security interest. Schuldverschreibungen werden vorbehaltlich § 3(3) durch das betreffende Sicherungsrecht gleichrangig mit der jeweiligen Kapitalmarktverbindlichkeit (oder, sofern es sich dabei um eine nachrangige Verbindlichkeit handelt, im Vergleich dazu vorrangig) besichert. (2) Negative Pledge of the Guarantor. The (2) Negativverpflichtung der Garantin. In der Guarantor has undertaken in the Guarantee, so Garantie hat sich die Garantin verpflichtet, long as any Notes are outstanding, but only up to solange Schuldverschreibungen ausstehen, the time all amounts of principal and interest jedoch nur bis zu dem Zeitpunkt, an dem alle have been placed at the disposal of the Fiscal Beträge an Kapital und Zinsen dem Fiscal Agent Agent, not to create or permit to subsist, and to zur Verfügung gestellt wurden, keine dinglichen procure that none of its Material Subsidiaries Sicherungsrechte an ihren Vermögenswerten zur will create or permit to subsist, any form of Besicherung von Kapitalmarktverbindlichkeiten security interest in rem (dingliches (mit Ausnahme Verbriefter Sicherungsrecht) over its assets to secure any Kapitalmarktverbindlichkeiten) oder von durch Capital Market Indebtedness other than die Garantin oder eine ihrer Securitised Capital Market Indebtedness or to Tochtergesellschaften in Bezug auf secure any guarantee or indemnity given by the Kapitalmarktverbindlichkeiten übernommenen Guarantor or any of its Subsidiaries in respect of Garantien oder abgegebenen Capital Market Indebtedness unless, subject to Freistellungserklärungen zu bestellen oder § 3(3), the Issuer's obligations under the Notes fortbestehen zu lassen bzw. sicherzustellen, dass are secured equally with (or, in case such Capital keine ihrer Wesentlichen Tochtergesellschaften Market Indebtedness is subordinated debt, senior dies tut, es sei denn, die Verbindlichkeiten der in priority to) the Capital Market Indebtedness Emittentin aus den Schuldverschreibungen secured by such security interest. werden vorbehaltlich § 3(3) durch das betreffende Sicherungsrecht gleichrangig mit der jeweiligen Kapitalmarktverbindlichkeit (oder, sofern es sich dabei um eine nachrangige Verbindlichkeit handelt, im Vergleich dazu vorrangig) besichert.

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(3) Limitation. The undertakings pursuant to § 3(1) (3) Beschränkung. Die Verpflichtungserklärungen and § 3(2) shall not apply: nach § 3(1) und § 3(2) gelten nicht: (a) to any security interest which is mandatory (a) für Sicherungsrechte, die nach according to applicable laws or required as anwendbarem Recht zwingend prerequisite for governmental approvals; or vorgeschrieben sind oder Voraussetzung für die Gewährung staatlicher Genehmigungen sind; oder (b) with respect to any security right in rem (b) für dingliche Sicherungsrechte, die von (dingliches Sicherungsrecht) provided by einer Tochtergesellschaft an Forderungen any Subsidiary over any of such gegen die Garantin bestellt werden, die ihr Subsidiary's claims against the Guarantor, aufgrund der Weiterleitung von erzielten which claims arise as a result of the passing Erlösen der Tochtergesellschaft aus der on to the Guarantor of the proceeds from Begebung von the issue by such Subsidiary of any Capital Kapitalmarktverbindlichkeiten erzielten Market Indebtedness, provided that any Erlösen der Tochtergesellschaft an die such security serves solely to secure Garantin zustehen, vorausgesetzt, diese obligations under such Capital Market Sicherheiten dienen ausschließlich der Indebtedness issued by such Subsidiary. Besicherung von Verpflichtungen aus den von dieser Tochtergesellschaft begebenen Kapitalmarktverbindlichkeiten. (4) Provision of Additional Security. Whenever the (4) Bestellung zusätzlicher Sicherheiten. Entsteht für Issuer or the Guarantor, as the case may be, die Emittentin oder gegebenenfalls die Garantin becomes obligated to secure (or procure that a die Verpflichtung zur Besicherung der Material Subsidiary secures) the Notes pursuant Schuldverschreibungen gemäß § 3(1) und (2) to § 3(1) and (2), the Issuer or the Guarantor, as (oder entsteht die Verpflichtung, für deren applicable, shall be entitled to discharge such Besicherung durch eine Wesentliche obligation by providing (or procure that the Tochtergesellschaft Sorge zu tragen), so sind die relevant Material Subsidiary provides) a security Emittentin bzw. die Garantin berechtigt, diese interest in the relevant collateral to a security Verpflichtung dadurch zu erfüllen, dass ein trustee, such security trustee to hold such Sicherungsrecht an dem jeweiligen collateral and the security interest that gave rise Sicherungsgegenstand zugunsten eines to the creation of such collateral, equally Sicherheitentreuhänders begründet wird (bzw. (dinglich oder, falls rechtlich nicht möglich, dadurch, dass sie die betreffende Wesentliche aufgrund schuldrechtlicher Vereinbarung Tochtergesellschaft zur Begründung eines gleichrangig), for the benefit of the Holders and solchen Sicherungsrechts veranlassen), und zwar the holders of the Capital Market Indebtedness in einer Weise, dass der Sicherheitentreuhänder secured by the security interest that gave rise to diesen Sicherungsgegenstand dinglich oder, falls the creation of such security interest in such rechtlich nicht möglich, aufgrund collateral. schuldrechtlicher Vereinbarung gleichrangig zugunsten der Gläubiger der Schuldverschreibungen und der Gläubiger derjenigen Kapitalmarktverbindlichkeit hält, die aufgrund einer Besicherung mit einem Sicherungsrecht zur Bestellung dieses Sicherungsrechts an dem betreffenden Sicherungsgegenstand führte.

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§ 4 INTEREST § 4 VERZINSUNG (1) Rate of Interest and Interest Payment Dates. The (1) Zinssatz und Zinszahlungstage. Die Notes shall bear interest on their principal Schuldverschreibungen werden bezogen auf amount at the rate of [Rate of Interest] per cent. ihren Nennbetrag verzinst, und zwar vom per annum from (and including) [Interest [Verzinsungsbeginn] (der "Verzinsungsbeginn") Commencement Date] (the "Interest (einschließlich) mit [Zinssatz] % p.a. bis zum Commencement Date") to (but excluding) the Fälligkeitstag (wie in § 6(1) definiert) Maturity Date (as defined in § 6(1)). Interest (ausschließlich). Die Zinsen sind nachträglich am shall be payable annually in arrears on [Interest [Zinszahlungstag(e)] eines jeden Jahres zahlbar Payment Date(s)] in each year (each such date, (jeweils ein "Zinszahlungstag"). Die erste an "Interest Payment Date"). The first payment Zinszahlung erfolgt am [ersten Zinszahlungstag] of interest shall be made on [first Interest [sofern der erste Zinszahlungstag nicht der erste Payment Date] [if the first Interest Payment Jahrestag des Verzinsungsbeginns ist, gilt Date is not the first anniversary of Interest folgendes: und beläuft sich auf [anfänglicher Commencement Date the following applies: and Bruchteilzinsbetrag je Festgelegte will amount to [Initial Broken Amount per Stückelung]]. [sofern der Fälligkeitstag kein Specified Denomination]]. [if the Maturity Date jährlicher Zinszahlungstag ist, gilt folgendes: is not an annual Interest Payment Date the Die Zinsen für den Zeitraum vom [letzter dem following applies: Interest in respect of the Fälligkeitstag vorausgehender Zinszahlungstag] period from (and including) [last Interest (einschließlich) bis zum Fälligkeitstag Payment Date preceding the Maturity Date] to (ausschließlich) belaufen sich auf (but excluding) the Maturity Date will amount to [abschließender Bruchteilzinsbetrag je [Final Broken Amount per Specified Festgelegte Stückelung].] Denomination].] (2) Late Payments. If the Issuer for any reason fails (2) Zahlungsverzug. Wenn die Emittentin aus to redeem the Notes when due, interest shall irgendeinem Grund Zahlungen auf die continue to accrue on the outstanding amount Schuldverschreibungen bei Fälligkeit nicht zahlt, from (and including) the due date until (but wird der ausstehende Betrag vom Tag der excluding) the date of actual redemption of the Fälligkeit (einschließlich) bis zum Tag der Notes at the default rate of interest established by tatsächlichen Rückzahlung der law5. Claims for further damages in case of late Schuldverschreibungen (ausschließlich) mit dem payment are not excluded. gesetzlich bestimmten Verzugszins[5] verzinst. Die Geltendmachung eines weitergehenden Schadens ist nicht ausgeschlossen. (3) Calculation of Interest for Periods of less than (3) Berechnung der Zinsen für Zeiträume von one Year. If interest [if First Interest Payment weniger als einem Jahr. Sofern Zinsen für einen Date is not first anniversary of Interest Zeitraum von weniger als einem vollen Jahr zu Commencement Date and the Initial Broken berechnen sind, erfolgt [sofern der erste Amounts per Specified Denomination have Zinszahlungstag nicht der erste Jahrestag des been specified in the applicable Final Terms the Verzinsungsbeginns ist und die anfänglichen following applies: for any period other than the Bruchteilzinsbeträge je Festgelegte Stückelung first interest period] is to be calculated for a in den Endgültigen Bedingungen festgelegt period of less than a full year, it shall be wurden, gilt folgendes:, außer für den ersten calculated on the basis of the Day Count Fraction Zinszahlungszeitraum,] die Berechnung auf der (as defined below).] [If the Specified Currency Grundlage des Zinstagequotienten (wie

5 The default rate of interest established by statutory law is five percentage points above the basis rate of interest published by Deutsche Bundesbank from time to time, sections 288 paragraph 1, 247 paragraph 1 of the German Civil Code (Bürgerliches Gesetzbuch). Der gesetzliche Verzugszinssatz beträgt fünf Prozentpunkte über dem von der Deutschen Bundesbank jeweils veröffentlichen Basiszinssatz, §§ 288 Abs. 1, 247 Abs. 1 BGB.

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is Euro and if Actual/Actual (ICMA) is nachfolgend definiert). [falls die Festgelegte applicable the following applies: The number of Währung Euro ist, und falls Actual/Actual Interest Payment Dates per calendar year (each a (ICMA) anwendbar ist, gilt folgendes: Die "Determination Date") is [number of regular Anzahl der Zinszahlungstage je Kalenderjahr Interest Payment Dates per calendar year].] (jeweils ein "Feststellungstermin") beträgt [Anzahl der regulären Zinszahlungstage je Kalenderjahr].] (4) Day Count Fraction. "Day Count Fraction" (4) Zinstagequotient. "Zinstagequotient" bezeichnet means, in respect of the calculation of an amount in Bezug auf die Berechnung von Zinsbeträgen of interest on any Note for any period of time auf die Schuldverschreibungen für einen (the "Calculation Period"): beliebigen Zeitraum (der "Zinsberechnungszeitraum"): [In case of Actual/365 or Actual/Actual (ISDA) [Im Falle von Actual/365 oder Actual/Actual the following applies: the actual number of days (ISDA) gilt folgendes: die tatsächliche Anzahl in the Calculation Period divided by 365 (or, if von Tagen im Zinsberechnungszeitraum dividiert any portion of that Calculation Period falls in a durch 365 (oder, falls ein Teil dieses leap year, the sum of (A) the actual number of Zinsberechnungszeitraumes in ein Schaltjahr days in that portion of the Calculation Period fällt, die Summe aus (A) der tatsächlichen Anzahl falling in a leap year divided by 366 and (B) the der in das Schaltjahr fallenden Tage des actual number of days in that portion of the Zinsberechnungszeitraumes, dividiert durch 366, Calculation Period falling in a non-leap year und (B) der tatsächlichen Anzahl der nicht in das divided by 365). Schaltjahr fallenden Tage des Zinsberechnungszeitraums, dividiert durch 365). [In case of Actual/Actual (ICMA) the following [Im Falle von Actual/Actual (ICMA) gilt applies: folgendes: (a) if the Calculation Period (from and (a) wenn der Zinsberechnungszeitraum including the first day of such period but (einschließlich des ersten aber excluding the last) is equal to or shorter ausschließlich des letzten Tages dieses than the Determination Period during which Zeitraums) kürzer ist als die the Calculation Period ends, the number of Feststellungsperiode, in die das Ende des days in such Calculation Period (from and Zinsberechnungszeitraumes fällt oder ihr including the first day of such period but entspricht, die Anzahl der Tage in dem excluding the last) divided by the product betreffenden Zinsberechnungszeitraum of (1) the number of days in such (einschließlich des ersten aber Determination Period and (2) the number of ausschließlich des letzten Tages dieses Determination Dates that would occur in Zeitraums) geteilt durch das Produkt aus (1) one calendar year; or der Anzahl der Tage in der Feststellungsperiode und (2) der Anzahl der Feststellungstermine in einem Kalenderjahr; oder (b) if the Calculation Period (from and (b) wenn der Zinsberechnungszeitraum including the first day of such period but (einschließlich des ersten aber excluding the last) is longer than the ausschließlich des letzten Tages dieses Determination Period during which the Zeitraums) länger ist als die Calculation Period ends, the sum of: (A) the Feststellungsperiode, in die das Ende des number of days in such Calculation Period Zinsberechnungszeitraumes fällt, die falling in the Determination Period in Summe aus (A) der Anzahl der Tage in dem which the Calculation Period begins Zinsberechnungszeitraum, die in die

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divided by the product of (1) the number of Feststellungsperiode fallen, in welcher der days in such Determination Period and (2) Zinsberechnungszeitraum beginnt, geteilt the number of Determination Dates that durch das Produkt aus (1) der Anzahl der would occur in one calendar year and (B) Tage in dieser Feststellungsperiode und (2) the number of days in such Calculation der Anzahl der Feststellungstermine in Period falling in the next Determination einem Kalenderjahr und (B) der Anzahl der Period divided by the product of (1) the Tage in dem Zinsberechnungszeitraum, die number of days in such Determination in die nächste Feststellungsperiode fallen, Period and (2) the number of Determination geteilt durch das Produkt aus (1) der Anzahl Dates that would occur in one calendar der Tage in dieser Feststellungsperiode und year. (2) der Anzahl der Feststellungstermine in einem Kalenderjahr. "Determination Period" means the period from "Feststellungsperiode" ist der Zeitraum ab (and including) a Determination Date (or, in the einem Feststellungstermin (einschließlich case of the first Determination Date, from (and desselben) (oder, im Fall des ersten including) the Interest Commencement Date) to, Feststellungstermins, vom Verzinsungsbeginn (but excluding) the next Determination Date.] (einschließlich)) bis zum nächsten Feststellungstermin (ausschließlich).] [In case of Actual/365 (Fixed) the following [Im Falle von Actual/365 (Fixed) gilt folgendes: applies: the actual number of days in the die tatsächliche Anzahl von Tagen im Calculation Period divided by 365.] Zinsberechnungszeitraum, dividiert durch 365.] [In case of Actual/360 the following applies: the [Im Falle von Actual/360 gilt folgendes: die actual number of days in the Calculation Period tatsächliche Anzahl von Tagen im divided by 360.] Zinsberechnungszeitraum, dividiert durch 360.] [In case of 30/360, 360/360 or Bond Basis the [Im Falle von 30/360, 360/360 oder Bond Basis following applies: the number of days in the gilt folgendes: die Anzahl von Tagen im Calculation Period divided by 360, the number Zinsberechnungszeitraum, dividiert durch 360, of days to be calculated on the basis of a year of wobei die Anzahl der Tage auf der Grundlage 360 days with twelve 30-day months (unless (A) eines Jahres von 360 Tagen mit zwölf Monaten the last day of the Calculation Period is the 31st zu je 30 Tagen zu ermitteln ist (es sei denn, (A) day of a month but the first day of the der letzte Tag des Zinsberechnungszeitraums fällt Calculation Period is a day other than the 30th or auf den 31. Tag eines Monates, während der erste 31st day of a month, in which case the month Tag des Zinsberechnungszeitraumes weder auf that includes that last day shall not be considered den 30. noch auf den 31. Tag eines Monats fällt, to be shortened to a 30-day month, or (B) the last in welchem Fall der diesen letzten Tag day of the Calculation Period is the last day of enthaltende Monat nicht als ein auf 30 Tage the month of February in which case the month gekürzter Monat zu behandeln ist, oder (B) der of February shall not be considered to be letzte Tag des Zinsberechnungszeitraumes fällt lengthened to a 30-day month).] auf den letzten Tag des Monats Februar, in welchem Fall der Monat Februar nicht als ein auf 30 Tage verlängerter Monat zu behandeln ist).] [In the case of 30E/360 or Eurobond Basis the [Im Falle von 30E/360 oder Eurobond Basis gilt following applies: the number of days in the folgendes: die Anzahl der Tage im Calculation Period divided by 360 (the number Zinsberechnungszeitraum, dividiert durch 360 of days to be calculated on the basis of a year of (dabei ist die Anzahl der Tage auf der Grundlage 360 days with twelve 30-day months, without eines Jahres von 360 Tagen mit zwölf Monaten regard to the date of the first day or last day of zu je 30 Tagen zu ermitteln, und zwar ohne the Calculation Period unless, in the case of the Berücksichtigung des Datums des ersten oder

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final Calculation Period, the Maturity Date is the letzten Tages des Zinsberechnungszeitraumes, es last day of the month of February, in which case sei denn, dass im Falle einer am Fälligkeitstag the month of February shall not be considered to endenden Zinsperiode der Fälligkeitstag der be lengthened to a 30-day month).] letzte Tag des Monats Februar ist, in welchem Fall der Monat Februar nicht als ein auf 30 Tage verlängerter Monat zu behandeln ist).] § 5 PAYMENTS § 5 ZAHLUNGEN (1) Payment of Principal and Interest. Payment of (1) Zahlung von Kapital und Zinsen. Die Zahlung principal and interest in respect of Notes shall be von Kapital und Zinsen auf die made, in accordance with § 5(2), to the Paying Schuldverschreibungen erfolgt nach Maßgabe Agent for forwarding to the Clearing System or des § 5(2) an die Zahlstelle zur Weiterleitung an to its order for credit to the accounts of the das Clearingsystem oder dessen Order zur relevant accountholders of the Clearing System. Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearingsystems. Payment of interest on Notes represented by the Die Zahlung von Zinsen auf die Temporary Global Note shall be made, in Schuldverschreibungen, die durch die Vorläufige accordance with § 5(2), to the Clearing System Globalurkunde verbrieft sind, erfolgt nach or to its order for credit to the accounts of the Maßgabe des § 5(2) an das Clearingsystem oder relevant account holders of the Clearing System, dessen Order zur Gutschrift auf den Konten der upon due certification as provided in § 1(3)(b). jeweiligen Kontoinhaber des Clearingsystems, und zwar nach ordnungsgemäßer Bescheinigung gemäß § 1(3)(b). (2) Manner of Payment. Subject to applicable fiscal (2) Zahlungsweise. Vorbehaltlich geltender and other laws and regulations, payments of steuerlicher oder sonstiger gesetzlicher amounts due in respect of the Notes shall be Regelungen und Vorschriften werden auf die made in the Specified Currency. Schuldverschreibungen fällige Zahlungen in der Festgelegten Währung geleistet. (3) Discharge. The Issuer or, as the case may be, the (3) Erfüllung. Die Emittentin bzw. die Garantin Guarantor shall be discharged by payment to, or werden durch Leistung der Zahlung an das to the order of, the Clearing System. Clearingsystem oder dessen Order von ihrer Zahlungspflicht befreit. (4) Business Day. If the date for payment of any (4) Geschäftstag. Fällt der Tag der Fälligkeit einer amount in respect of any Note is not a Business Zahlung in Bezug auf eine Schuldverschreibung Day then the Holder shall not be entitled to auf einen Tag, der kein Geschäftstag ist, so hat payment until the next such day in the relevant der Gläubiger keinen Anspruch auf Zahlung vor place and shall not be entitled to further interest dem nächsten Geschäftstag am jeweiligen Ort or other payment in respect of such delay. und ist nicht berechtigt, weitere Zinsen oder sonstige Zahlungen aufgrund dieser Verspätung zu verlangen. For these purposes, "Business Day" means Für diese Zwecke bezeichnet "Geschäftstag" [In the case the Specified Currency is Euro the [Wenn die Festgelegte Währung Euro ist, gilt following applies: a day (other than a Saturday folgendes: einen Tag (außer einem Samstag oder or a Sunday) on which banks are open for Sonntag), an dem Banken in [relevante(s) general business in [relevant financial center(s)] Finanzzentrum(en)] [Frankfurt am Main] für [Frankfurt am Main] and on which the Clearing den allgemeinen Geschäftsverkehr geöffnet sind System as well as all relevant parts of the Trans- und an dem das Clearingsystem sowie alle European Automated Real-time Gross Settlement maßgeblichen Bereiche des Trans-European Express Transfer system (TARGET2) are Automated Real-time Gross Settlement Express

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operational to effect payments.] Transfer System (TARGET2) betriebsbereit sind, um Zahlungen vorzunehmen.] [In the case the Specified Currency is not Euro [Wenn die Festgelegte Währung nicht Euro ist, the following applies: a day (other than a gilt folgendes: einen Tag (außer einem Samstag Saturday or a Sunday) on which commercial oder Sonntag), an dem Geschäftsbanken und banks and foreign exchange markets settle Devisenmärkte in [relevante(s) payments in [relevant financial center(s)].] Finanzzentrum(en)] Zahlungen abwickeln.] (5) References to Principal and Interest. References (5) Bezugnahmen auf Kapital und Zinsen. in these Terms and Conditions to principal in Bezugnahmen in diesen Emissionsbedingungen respect of the Notes shall be deemed to include, auf Kapital der Schuldverschreibungen schließen, as applicable: the principal amount per Note [if soweit anwendbar, die folgenden Beträge ein: the Notes are subject to Early Redemption at den Nennbetrag je Schuldverschreibung [falls die the Option of the Issuer at the Call Redemption Emittentin das Wahlrecht hat, die Amount, the following applies:, the Call Schuldverschreibungen zum Wahl- Redemption Amount] [if the Notes are subject to Rückzahlungsbetrag vorzeitig zurück zu zahlen, Early Redemption at the Option of the Holder gilt folgendes:, den Wahl-Rückzahlungsbetrag] at specified redemption amount(s), the [falls der Gläubiger das Wahlrecht hat, die following applies:, the Put Redemption vorzeitige Rückzahlung der Amount], Additional Amounts and any other Schuldverschreibungen zu einem festgelegten premium and any other amounts which may be Rückzahlungsbetrag bzw. festgelegten payable under or in respect of the Notes. Rückzahlungsbeträgen zu verlangen, gilt References in these Terms and Conditions to folgendes:, den Gläubigerwahl- interest in respect of the Notes shall be deemed Rückzahlungsbetrag], Zusätzliche Beträge und to include, as applicable, any Additional alle Aufschläge oder sonstigen auf die Amounts which may be payable under § 8. Schuldverschreibungen oder im Zusammenhang damit gegebenenfalls zahlbaren Beträge. Bezugnahmen in diesen Emissionsbedingungen auf Zinsen auf die Schuldverschreibungen schließen, soweit anwendbar, sämtliche gegebenenfalls gemäß § 8 zahlbaren Zusätzlichen Beträge ein. (6) Deposit of Principal and Interest. The Issuer or (6) Hinterlegung von Kapital und Zinsen. Die the Guarantor, as the case may be, may deposit Emittentin bzw. die Garantin ist berechtigt, beim with the local court (Amtsgericht) in Frankfurt Amtsgericht Frankfurt am Main Kapital- oder am Main principal or interest not claimed by Zinsbeträge zu hinterlegen, die von den Holders within twelve months after the Maturity Gläubigern nicht innerhalb von zwölf Monaten Date, even though such Holders may not be in nach dem Fälligkeitstag beansprucht worden default of acceptance of payment. If and to the sind, auch wenn die Gläubiger sich nicht in extent that the deposit is effected and the right of Annahmeverzug befinden. Soweit eine solche withdrawal is waived, the respective claims of Hinterlegung erfolgt und auf das Recht der such Holders against the Issuer shall cease. Rücknahme verzichtet wird, erlöschen die diesbezüglichen Ansprüche der Gläubiger gegen die Emittentin. (7) Payments Subject to Applicable Law. Payments (7) Zahlungen vorbehaltlich von gesetzlichen will be subject in all cases to (i) any fiscal or Regelungen. Alle Zahlungen erfolgen unter other laws and regulations applicable thereto in Vorbehalt (i), unbeschadet der Regelungen in § 8, the place of payment, but without prejudice to sämtlichen steuerrechtlichen Regelungen oder the provisions of § 8 and (ii) any withholding or anderen Gesetzen und Regelungen, die solche deduction required pursuant to an agreement Zahlungen betreffen, und (ii) einer Einbehaltung

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described in Section 1471(b) of the U.S. Internal oder eines Abzugs gemäß Abschnitt 1471(b) des Revenue Code of 1986 (the "Code") or U.S. Internal Revenue Code von 1986 (der otherwise imposed pursuant to Sections 1471 "Code") oder anderer Regelungen gemäß den through 1474 of the Code, any regulations or Abschnitten 1471 bis 1474 des Codes sowie agreements thereunder, any official sämtlichen darunter erlassenen Vorschriften, interpretations thereof, or (without prejudice to förmlichen Interpretationen und (unbeschadet der the provisions of § 8) any law implementing an Regelungen in § 8) Umsetzungsakten, die auf intergovernmental approach thereto. zwischenstaatlichen Vereinbarungen beruhen. § 6 REDEMPTION § 6 RÜCKZAHLUNG (1) Redemption at Maturity. Unless previously (1) Rückzahlung bei Endfälligkeit. Soweit nicht redeemed in whole or in part or purchased and zuvor bereits ganz oder teilweise zurückgezahlt cancelled, the Notes shall be redeemed at their oder angekauft und entwertet, werden die principal amount on [Maturity Date] (the Schuldverschreibungen zu ihrem Nennbetrag am "Maturity Date"). [Fälligkeitstag] (der "Fälligkeitstag") zurückgezahlt. (2) Early Redemption for Reasons of Taxation. If as (2) Vorzeitige Rückzahlung aus steuerlichen a result of any change in, or amendment to, the Gründen. Die Schuldverschreibungen können laws or regulations of the Relevant Taxing zum nächsten Zinszahlungstag insgesamt, jedoch Jurisdiction in respect of the Issuer or, as the case nicht teilweise, nach Wahl der Emittentin mit may be, the Guarantor affecting taxation or the einer Kündigungsfrist von nicht weniger als 30 obligation to pay duties of any kind, or any und nicht mehr als 60 Tagen durch Erklärung change in, or amendment to, an official gegenüber dem Fiscal Agent und gemäß § 15 interpretation or application of such laws or gegenüber den Gläubigern gekündigt und zu regulations, which amendment or change ihrem Nennbetrag zuzüglich bis zum für die becomes effective on or after the date on which Rückzahlung festgesetzten Tag (ausschließlich) the last tranche of this series of Notes was aufgelaufener Zinsen vorzeitig zurückgezahlt issued, the Issuer or, as the case may be, the werden, falls die Emittentin bzw. die Garantin als Guarantor is required to pay Additional Amounts Folge einer Änderung oder Ergänzung der on the next succeeding Interest Payment Date, Gesetze und Vorschriften der Maßgeblichen and this obligation cannot be avoided by the use Steuerjurisdiktion im Hinblick auf die Emittentin of measures available to the Issuer or, as the case bzw. die Garantin, die Steuern oder die may be, the Guarantor, which are, in the Verpflichtung zur Zahlung von Abgaben jeglicher judgement of the Issuer or, as the case may be, Art betreffen, oder als Folge einer Änderung oder the Guarantor, in each case taking into account Ergänzung der offiziellen Auslegung oder the interests of Holders, reasonable, the Notes Anwendung dieser Gesetze und Vorschriften may be redeemed, in whole but not in part, at the (vorausgesetzt, diese Änderung oder Ergänzung option of the Issuer, on the next Interest Payment wird am oder nach dem Tag der Begebung der Date upon not more than 60 days' nor less than letzten Tranche dieser Serie von 30 days' prior notice of redemption given to the Schuldverschreibungen wirksam) am Fiscal Agent and, in accordance with § 15 to the nächstfolgenden Zinszahlungstag zur Zahlung Holders, at the principal amount together with von Zusätzlichen Beträgen verpflichtet sein wird interest accrued to (but excluding) the date fixed und diese Verpflichtung nicht durch das Ergreifen for redemption. der Emittentin bzw. der Garantin zur Verfügung stehender Maßnahmen, die nach Auffassung der Emittentin bzw. der Garantin zumutbar sind (wobei jeweils die Interessen der Gläubiger zu berücksichtigen sind) vermieden werden kann. However, no such notice of redemption may be Eine solche Kündigung darf allerdings nicht given (i) earlier than 90 days prior to the earliest (i) früher als 90 Tage vor dem frühestmöglichen

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date on which the Issuer or, as the case may be, Termin erfolgen, an dem die Emittentin bzw. die the Guarantor would be obligated to pay such Garantin verpflichtet wäre, solche Zusätzlichen Additional Amounts if a payment in respect of Beträge zu zahlen, falls eine Zahlung auf die the Notes was then due, or (ii) if at the time such Schuldverschreibungen dann fällig wäre, oder notice is given, such obligation to pay such (ii) erfolgen, wenn zu dem Zeitpunkt, zu dem die Additional Amounts does not remain in effect. Kündigung erklärt wird, die Verpflichtung zur Zahlung von Zusätzlichen Beträgen nicht mehr wirksam ist. Any such notice shall be given in accordance Eine solche Kündigung hat gemäß § 15 zu with § 15. It shall be irrevocable, must specify erfolgen. Sie ist unwiderruflich, muss den für die the date fixed for redemption and must set forth a Rückzahlung festgelegten Termin nennen und statement in summary form of the facts eine zusammenfassende Erklärung enthalten, constituting the basis for the right of the Issuer welche die das Rückzahlungsrecht der Emittentin so to redeem. begründenden Umständen darlegt. [If the Notes are subject to Early Redemption at [Falls die Emittentin das Wahlrecht hat, die the Option of the Issuer at the Call Redemption Schuldverschreibungen zum Wahl- Amount, the following applies: Rückzahlungsbetrag vorzeitig zurück zu zahlen, gilt folgendes: (3) Early Redemption at the Option of the Issuer. (3) Vorzeitige Rückzahlung nach Wahl der Emittentin. (a) The Issuer may upon not less than 30 days' (a) Die Emittentin kann die nor more than 60 days' prior notice of Schuldverschreibungen (ausgenommen redemption given to the Paying Agent and, Schuldverschreibungen, deren Rückzahlung in accordance with § 15, to the Holders der Gläubiger bereits in Ausübung seines redeem on any date specified by it (the Wahlrechts nach § 6 verlangt hat) "Call Redemption Date"), at its option, the insgesamt, jedoch nicht teilweise, nach ihrer Notes (except for any Note which is the Wahl mit einer Kündigungsfrist von nicht subject of the prior exercise by the Holder weniger als 30 und nicht mehr als 60 Tagen thereof of its option to require the durch Erklärung gegenüber der Zahlstelle redemption of such Note under § 6) in und gemäß § 15 gegenüber den Gläubigern whole but not in part, at their Call kündigen und an einem von ihr Redemption Amount together with accrued anzugebenden Tag (der "Wahl- but unpaid interest, if any, to (but Rückzahlungstag") zu ihrem Wahl- excluding) the relevant Call Redemption Rückzahlungsbetrag (zuzüglich etwaigen Date. bis zum betreffenden Wahl- Rückzahlungstag (ausschließlich) aufgelaufenen aber noch nicht gezahlten Zinsen) zurückzahlen. The "Call Redemption Amount" per Note Der "Wahl-Rückzahlungsbetrag" je shall be an amount equal to the sum of: Schuldverschreibung entspricht der Summe aus: (i) the principal amount of the relevant (i) dem Nennbetrag der Note to be redeemed; and zurückzuzahlenden Schuldverschreibung; und (ii) the Applicable Premium on the Call (ii) der Anwendbaren Prämie am Wahl- Redemption Date. Rückzahlungstag. The Call Redemption Amount shall be Der Wahl-Rückzahlungsbetrag wird von der

112 calculated by the Calculation Agent. Berechnungsstelle berechnet. "Applicable Premium" means on any Call "Anwendbare Prämie" bezeichnet an Redemption Date the excess, if any, of einem Wahl-Rückzahlungstag die etwaige Differenz, um die (i) the present value on such redemption (i) der Barwert zum betreffenden date of Rückzahlungstag (A) 100 per cent. of the principal (A) von 100 % des Nennbetrags je amount of the Notes, plus Schuldverschreibung, zuzüglich (B) all remaining scheduled interest (B) aller bis zum Fälligkeitstag payments per Note to (but vorgesehenen und noch fällig excluding) the Maturity Date werdenden Zinszahlungen je Schuldverschreibung, discounted with the Benchmark Yield abgezinst mit der Benchmark-Rendite plus [margin] basis points over zuzüglich [Marge] Basispunkten (ii) the principal amount of such Note. (ii) den Nennbetrag dieser Schuldverschreibung übersteigt. The "Benchmark Yield" shall be the yield Die "Benchmark-Rendite" entspricht der to maturity at the Redemption Calculation bis zur Fälligkeit am Rückzahlungs- Date of [general type of benchmark Berechnungstag bestehenden Rendite einer security] with a constant maturity (as [allgemeine Art des Benchmark- compiled and published in the most recent Wertpapiers] mit einer Festlaufzeit (wie [benchmark statistics] which has become bestimmt und in den zum [Datum der publicly available on [date for availability Verfügbarkeit der statistischen Benchmark of benchmark statistics] (or, if such Informationen] zuletzt verfügbaren statistics are not so published or available, öffentlich zugänglichen [statistische any publicly available source of similar Benchmark-Informationen] veröffentlicht market data selected by the Calculation (oder falls solche statistischen Agent in good faith)) most nearly equal to Informationen nicht veröffentlicht oder the period from the Call Redemption Date zugänglich sind, wie in einer anderen von to the Maturity Date; provided, however, der Berechnungsstelle nach Treu und that if the period from the Call Redemption Glauben ausgewählten, öffentlich Date to the Maturity Date is not equal to the zugänglichen Quelle vergleichbarer constant maturity of a [benchmark Marktdaten angegeben), die der Zeitspanne security] for which a weekly average yield vom Wahl-Rückzahlungstag bis zum is given, the Benchmark Yield shall be Fälligkeitstag der Schuldverschreibung am obtained by a linear interpolation ehesten entspricht. Sollte jedoch die (calculated to the nearest one-twelfth of a Zeitspanne vom Wahl-Rückzahlungstag bis year) from the weekly average yields of zum Fälligkeitstag nicht der Festlaufzeit [benchmark security] for which such yields einer solchen [Benchmark-Wertpapier] are given, except that if the period from the entsprechen, für die eine wöchentliche Call Redemption Date to the Maturity Date Durchschnittsrendite angegeben wird, so ist is less than one year, the weekly average die Benchmark-Rendite im Wege der yield on actually traded [benchmark linearen Interpolation (berechnet auf das security] adjusted to a constant maturity of nächste Zwölftel eines Jahres) aus den one year shall be used. wöchentlichen Durchschnittsrenditen solcher [Benchmark-Wertpapier] zu ermitteln, für die solche Renditen angegeben werden. Sofern die Zeitspanne

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vom Wahl-Rückzahlungstag bis zum Fälligkeitstag kürzer als ein Jahr ist, so ist die wöchentliche Durchschnittsrendite einer tatsächlich gehandelten [Benchmark- Wertpapier], angepasst auf eine Festlaufzeit von einem Jahr, anzuwenden. "Redemption Calculation Date" means "Rückzahlungs-Berechnungstag" ist der the sixth Business Day prior to the date on sechste Geschäftstag vor dem Tag, an dem which the Notes are redeemed in die Schuldverschreibungen gemäß diesem accordance with this § 6(3). § 6(3) zurückgezahlt werden. (b) Notice of redemption shall be given by the (b) Die Kündigung ist den Gläubigern der Issuer to the Holders of the Notes in Schuldverschreibungen durch die accordance with § 15. Such notice shall Emittentin gemäß § 15 bekanntzugeben. Sie specify: muss die folgenden Angaben enthalten: (i) the series of Notes subject to (i) die zurückzuzahlende Serie von redemption; Schuldverschreibungen;

(ii) the Call Redemption Date; and (ii) den Wahl-Rückzahlungstag; und

(iii) the Call Redemption Amount at which (iii) den Wahl-Rückzahlungsbetrag zu dem such Notes are to be redeemed.] die Schuldverschreibungen zurückgezahlt werden.] [(4)] Early Redemption at the Option of the Holders [(4)] Vorzeitige Rückzahlung nach Wahl der Gläubiger upon a Change of Control. bei Vorliegen eines Kontrollwechsels. (a) If a Change of Control occurs after the (a) Tritt nach dem Begebungstag ein Issue Date, each Holder shall have the Kontrollwechsel ein, so ist jeder Gläubiger right, but not the obligation, to require the berechtigt, aber nicht verpflichtet, von der Issuer to redeem or, at the Issuer's option, Emittentin die vollständige oder teilweise purchase (or procure the purchase of) in Rückzahlung oder, nach Wahl der whole or in part his Notes at the principal Emittentin, den vollständigen oder amount per Note together with accrued and teilweisen Ankauf (oder die Veranlassung unpaid interest up to (but excluding) the eines Ankaufs) seiner Change of Control Put Date (the "Change Schuldverschreibungen zum Nennbetrag je of Control Put Option"). Such Change of Schuldverschreibung zuzüglich bis zum Control Put Option shall operate as set out Kontrollwechsel-Gläubigerwahl- below under § 6[(4)] (b)-(c). Rückzahlungstag (ausschließlich) aufgelaufener aber noch nicht gezahlter Zinsen zu verlangen (das "Kontrollwechsel-Gläubiger- Rückzahlungswahlrecht"). Dieses Rückzahlungswahlrecht ist wie nachstehend unter § 6[(4)] (b)-(c) beschrieben auszuüben.

A "Change of Control" shall be deemed to Ein "Kontrollwechsel" gilt jedes Mal in have occurred at each time (whether or not einem der folgenden Fälle als eingetreten approved by the board of executive (unabhängig davon, ob der Vorstand oder directors or supervisory board of the der Aufsichtsrat der Garantin zugestimmt

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Guarantor) that: hat), wenn: (i) in the event of a public tender offer for (i) im Fall eines öffentlichen shares of the Guarantor a situation Übernahmeangebots für Aktien der arises in which Garantin die Situation eintritt, dass (A) shares already directly or (A) Aktien, die sich bereits indirectly under the control of the unmittelbar oder mittelbar unter bidder and/or Persons acting in der Kontrolle des Bieters concert with the bidder and und/oder gemeinsam mit ihm shares which have already been handelnder Personen befinden, tendered in the tender offer, carry und bereits im Rahmen des in aggregate more than 50 per Übernahmeangebots eingereichte cent. of the voting rights in the Aktien insgesamt mehr als 50 % Guarantor; and der Stimmrechte der Garantin auf sich vereinen; und (B) the offer is or has become (B) das Angebot nicht oder nicht unconditional (other than for mehr von Bedingungen abhängig conditions relating to regulatory, ist (mit Ausnahme von in particular merger control, Bedingungen hinsichtlich approvals and other conditions aufsichtsrechtlicher, insbesondere the satisfaction of which may fusionskontrollrechtlicher, remain pending following the Genehmigungen und anderer end of the acceptance period Bedingungen, deren Erfüllung pursuant to section 16(1) of the nach Ende der Annahmefrist German Takeover Act (Gesetz gemäß § 16 Abs. 1 des Gesetzes zur Regelung von öffentlichen zur Regelung von öffentlichen Angeboten zum Erwerb von Angeboten zum Erwerb von Wertpapieren und von Wertpapieren und von Unternehmensübernahmen - Unternehmensübernahmen WpÜG)); or (WpÜG) noch offen bleiben kann); oder (ii) the Guarantor sells or otherwise (ii) die Garantin ihr gesamtes oder im transfers all or substantially all of its Wesentlichen ihr gesamtes Vermögen assets to any Person (except for any an eine Person (die keine Abhängige Controlled Subsidiary). Tochtergesellschaft ist) verkauft oder in sonstiger Weise überträgt. "Control" means any direct or indirect "Kontrolle" bezeichnet das unmittelbare legal or beneficial ownership or any legal or oder mittelbare rechtliche oder beneficial entitlement (as defined in wirtschaftliche Eigentum oder eine section 22 of the German Securities Trading rechtliche oder wirtschaftliche Berechtigung Act (Wertpapierhandelsgesetz - WpHG) of, (im Sinne von § 22 des in the aggregate, more than 50 per cent. of Wertpapierhandelsgesetzes (WpHG)) an the voting shares of the Guarantor. insgesamt mehr als 50 % der stimmberechtigten Aktien der Garantin. "Controlled Subsidiary" means any entity "Abhängige Tochtergesellschaft" controlled (abhängiges Unternehmen) by bezeichnet ein von der Garantin im Sinne the Guarantor within the meaning of von § 17 des Aktiengesetzes (AktG) section 17 of the German Stock Corporation abhängiges Unternehmen. Act (Aktiengesetz).

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(b) If a Change of Control occurs, then the (b) Tritt ein Kontrollwechsel ein, so teilt die Issuer shall, without undue delay, after the Emittentin dies unverzüglich, nachdem die Guarantor becoming aware thereof, give Garantin davon Kenntnis erlangt hat, den notice of the Change of Control (a "Change Gläubigern gemäß § 15 mit (eine of Control Put Event Notice") to the "Kontrollwechsel-Gläubigerwahl- Holders in accordance with § 15 specifying Rückzahlungsereignis-Mitteilung") und the nature of the Change of Control and the gibt dabei die Art des Kontrollwechsels und procedure for exercising the Change of das in diesem § 6[(4)] vorgesehene Control Put Option contained in this Verfahren zur Ausübung des § 6[(4)] (including the information on the Kontrollwechsel-Gläubiger- Clearing System account of the Paying Rückzahlungswahlrechts an (mit Angaben Agent for purposes of subparagraph zum Clearingsystem-Konto der Zahlstelle (c)(ii)(x) of this § 6[(4)]). für die Zwecke von Teilziffer (c)(ii)(x) dieses § 6[(4)]). (c) To exercise the Change of Control Put (c) Zur Ausübung des Kontrollwechsel- Option, the Holder must deliver on any Gläubiger-Rückzahlungswahlrechts muss Business Day within 30 days after a der Gläubiger an einem Geschäftstag Change of Control Put Event Notice has innerhalb von 30 Tagen, nachdem die been published (the "Change of Control Kontrollwechsel- Gläubiger- Put Period") (i) to the Fiscal Agent at its Rückzahlungsereignis-Mitteilung bekannt specified office a duly signed and gegeben wurde (der "Kontrollwechsel- completed notice of exercise in the then Ausübungszeitraum"), (i) bei der current form obtainable from the Fiscal bezeichneten Geschäftsstelle des Fiscal Agent (a "Change of Control Put Notice") Agent eine ordnungsgemäß ausgefüllte und and (ii) the aggregate Specified unterzeichnete Ausübungserklärung in der Denomination of Notes for which the jeweils bei dem Fiscal Agent erhältlichen Holder wishes to exercise its Change of maßgeblichen Form einreichen (die Control Put Option either by transferring "Kontrollwechsel-Ausübungserklärung") such Notes to the Clearing System account und (ii) Schuldverschreibungen in Höhe des of the Paying Agent or by withdrawal of Gesamtbetrags der Festgelegten Stückelung such Notes from such Holder's account in einreichen, für die der Gläubiger sein accordance with the procedures of the Kontrollwechsel- Gläubiger- Clearing System. The Issuer shall redeem Rückzahlungswahlrecht ausüben möchte, or, at its option, purchase (or procure the und zwar entweder durch Übertragung purchase of) the relevant Note(s) on the dieser Schuldverschreibungen auf das date (the "Change of Control Put Date") Clearingsystem-Konto der Zahlstelle oder seven days after the expiration of the durch Ausbuchung dieser Change of Control Put Period unless Schuldverschreibungen aus dem previously redeemed or purchased and Wertpapierdepot des Gläubigers gemäß den cancelled. Payment in respect of any Note Verfahren des Clearingsystems . Die so delivered will be made in accordance Emittentin wird die betreffende(n) with the customary procedures through the Schuldverschreibung(en) sieben Tage nach Clearing System. A Change of Control Put Ablauf des Kontrollwechsel- Notice, once given, shall be irrevocable.] Ausübungszeitraums (der "Kontrollwechsel-Rückzahlungstag") zurückzahlen oder nach ihrer Wahl ankaufen (oder ankaufen lassen), soweit sie nicht bereits vorher zurückgezahlt oder angekauft und entwertet wurde(n). Die

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Zahlung in Bezug auf solchermaßen eingereichte Schuldverschreibungen erfolgt gemäß den üblichen Verfahren über das Clearingsystem. Eine einmal abgegebene Kontrollwechsel- Ausübungserklärung ist unwiderruflich.] [If the Notes are subject to Early Redemption at the [Falls der Gläubiger das Wahlrecht hat, die vorzeitige Option of the Holder at specified redemption Rückzahlung der Schuldverschreibungen zu einem amount(s), the following applies: festgelegten Rückzahlungsbetrag bzw. festgelegten Rückzahlungsbeträgen zu verlangen, gilt folgendes: [(5)] Early Redemption at the Option of a Holder. [(5)] Vorzeitige Rückzahlung nach Wahl eines Gläubigers. (a) The Issuer shall, at the option of the Holder (a) Die Emittentin hat eine of any Note, redeem such Note on the Put Schuldverschreibung nach Ausübung des Redemption Date(s) at the Put Redemption entsprechenden Wahlrechts durch den Amount(s) set forth below together with Gläubiger am/an den Gläubigerwahl- accrued interest, if any, to (but excluding) Rückzahlungstag(en) zum/zu den the Put Redemption Date. Gläubigerwahl-Rückzahlungsbetrag/- beträgen, wie nachfolgend angegeben nebst etwaigen bis zum Gläubigerwahl- Rückzahlungstag (ausschließlich) aufgelaufener Zinsen zurückzuzahlen. Put Put Redemption Gläubigerwahl- Gläubigerwahl- Redemption Amount(s) Rückzahlungs- Rückzahlungsbetrag Date(s) tag(e) /-beträge [Put [Put Redemption [Gläubigerwahl- [Gläubigerwahl- Redemption Amount(s)] Rückzahlungs- Rückzahlungsbetrag/ Dates(s)] tag(e)] -beträge] The Holder may not exercise such option in Dem Gläubiger steht dieses Wahlrecht nicht respect of any Note which is the subject of in Bezug auf eine Schuldverschreibung zu, the prior exercise by the Issuer of any of its deren Rückzahlung die Emittentin zuvor in options to redeem such Note under this § 6. Ausübung eines ihrer Wahlrechte nach diesem § 6 verlangt hat. (b) To exercise such option, the Holder must, (b) Zur Ausübung dieses Wahlrechts muss der not less than 30 days nor more than 60 days Gläubiger nicht weniger als 30 Tage und before the Put Redemption Date on which nicht mehr als 60 Tage vor dem such redemption is required to be made as Gläubigerwahl-Rückzahlungstag, an dem specified in the Put Redemption Notice (as die Rückzahlung gemäß der Gläubigerwahl- defined below), deliver (i) to the Fiscal Rückzahlungs-Ausübungserklärung (wie Agent at its specified office a duly signed nachfolgend definiert) erfolgen soll, (i) bei and completed notice of exercise in the then der bezeichneten Geschäftsstelle des Fiscal current form obtainable from the Fiscal Agent eine ordnungsgemäß ausgefüllte und Agent (a "Put Redemption Notice") and unterzeichnete Ausübungserklärung in der (ii) the aggregate Specified Denomination jeweils bei dem Fiscal Agent erhältlichen of Notes for which the Holder wishes to maßgeblichen Form einreichen (die exercise its option either (x) by transferring "Gläubigerwahl- Rückzahlungs- such Notes to the Clearing System account Ausübungserklärung") und of the Paying Agent or (y) by giving an (ii) Schuldverschreibungen in Höhe des

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irrevocable instruction to the Paying Agent Gesamtbetrags der Festgelegten Stückelung to withdraw such Notes from a securities einreichen, für die der Gläubiger sein account of the Holder with the Paying Wahlrecht ausüben möchte, und zwar Agent. Payment in respect of any Note so entweder (x) durch Übertragung der delivered will be made in accordance with Schuldverschreibungen auf das the customary procedures through the Clearingsystem-Konto der Zahlstelle oder Clearing System. A Put Redemption Notice, (y) durch unwiderrufliche Anweisung an die once given, shall be irrevocable.] Zahlstelle zur Ausbuchung der Schuldverschreibungen aus dem Wertpapierdepot des Gläubigers bei der Zahlstelle. Die Zahlung in Bezug auf solchermaßen eingereichte Schuldverschreibungen erfolgt gemäß den üblichen Verfahren über das Clearingsystem. Eine einmal abgegebene Gläubigerwahl-Rückzahlungs- Ausübungserklärung ist unwiderruflich.] [If the Notes are subject to Early Redemption in [Im Falle einer Vorzeitigen Rückzahlung nach case of minimal outstanding aggregate Wahl der Emittentin bei geringem principal amount of the Notes, the following ausstehendem Gesamtnennbetrag der applies: Schuldverschreibungen, gilt folgendes: [(6)] Early Redemption in case of minimal [(6)] Vorzeitige Rückzahlung bei geringem outstanding aggregate principal amount of the ausstehenden Gesamtnennbetrag der Notes. If 80 per cent. or more of the aggregate Schuldverschreibungen. Wenn 80 % oder mehr principal amount of the Notes then outstanding des Gesamtnennbetrags der zum betreffenden have been redeemed or purchased by the Issuer, Zeitpunkt ausstehenden Schuldverschreibungen the Guarantor or any direct or indirect Subsidiary nach diesem § 6 von der Emittentin, der Garantin of the Guarantor pursuant to the provisions of oder einer direkten oder indirekten this § 6, the Issuer may, on not less than 30 or Tochtergesellschaft der Garantin zurückgezahlt more than 60 days' notice to the Holders given in oder angekauft wurden, ist die Emittentin accordance with § 15, redeem at any time, at its berechtigt, nach vorheriger Bekanntmachung option, the remaining Notes as a whole at the gegenüber den Gläubigern gemäß § 15 mit einer principal amount thereof plus interest accrued to Frist von mindestens 30 und höchstens 60 Tagen but excluding the date of such redemption on the nach ihrer Wahl alle ausstehenden next Interest Payment Date.] Schuldverschreibungen zum Nennbetrag zuzüglich bis zum Rückzahlungstag (ausschließlich) aufgelaufener Zinsen am nächsten Zinszahlungstag zurück zu zahlen.] § 7 FISCAL AGENT [,] [AND] PAYING AGENT § 7 FISCAL AGENT [,][UND] [in the case of Early Redemption at the Option ZAHLSTELLE [falls die Emittentin das Wahlrecht of the Issuer at the Call Redemption Amount, hat, die Schuldverschreibungen zum Wahl- the following applies: AND CALCULATION Rückzahlungsbetrag vorzeitig zurückzuzahlen, gilt AGENT] folgendes: UND BERECHNUNGSSTELLE] (1) Appointment; Specified Office. The initial Fiscal (1) Bestellung; bezeichnete Geschäftsstelle. Der Agent [,][and] the initial Paying Agent [in the anfänglich bestellte Fiscal Agent [,][und] die case of Early Redemption at the Option of the anfänglich bestellte Zahlstelle [falls die Issuer at the Call Redemption Amount, the Emittentin das Wahlrecht hat, die following applies: and the initial Calculation Schuldverschreibungen zum Wahl- Agent] and their initial specified offices shall be: Rückzahlungsbetrag vorzeitig zurückzuzahlen,

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gilt folgendes: und die anfänglich bestellte Berechnungsstelle] und deren anfänglich bezeichneten Geschäftsstellen lauten wie folgt: "Fiscal Agent and Paying Agent": "Fiscal Agent und Zahlstelle": Deutsche Bank Aktiengesellschaft Deutsche Bank Aktiengesellschaft Taunusanlage 12 Taunusanlage 12 60325 Frankfurt am Main 60325 Frankfurt am Main Federal Republic of Germany Bundesrepublik Deutschland [in the case of Early Redemption at the Option [falls die Emittentin das Wahlrecht hat, die of the Issuer at the Call Redemption Amount, Schuldverschreibungen zum Wahl- the following applies: Rückzahlungsbetrag vorzeitig zurückzuzahlen, gilt folgendes: "Calculation Agent": "Berechnungsstelle": [Deutsche Bank Aktiengesellschaft [Deutsche Bank Aktiengesellschaft Taunusanlage 12 Taunusanlage 12 60325 Frankfurt am Main 60325 Frankfurt am Main Federal Republic of Germany] [name and Bundesrepublik Deutschland] [Name und specified office]] bezeichnete Geschäftsstelle] The Fiscal Agent [,][and] Paying Agent [in the Der Fiscal Agent [,][und] die Zahlstelle [falls die case of Early Redemption at the Option of the Emittentin das Wahlrecht hat, die Issuer at the Call Redemption Amount, the Schuldverschreibungen zum Wahl- following applies: and the Calculation Agent] Rückzahlungsbetrag vorzeitig zurückzuzahlen, reserve the right at any time to change their gilt folgendes: und die Berechnungsstelle] specified offices to some other office in the same behalten sich das Recht vor, jederzeit ihre city. bezeichneten Geschäftsstellen durch eine andere Geschäftsstelle in derselben Stadt zu ersetzen. (2) Variation or Termination of Appointment. The (2) Änderung oder Beendigung der Bestellung. Die Issuer reserves the right at any time to vary or Emittentin behält sich das Recht vor, jederzeit terminate the appointment of the Fiscal Agent or die Bestellung des Fiscal Agent oder einer any Paying Agent [in the case of Early Zahlstelle [falls die Emittentin das Wahlrecht Redemption at the Option of the Issuer at the hat, die Schuldverschreibungen zum Wahl- Call Redemption Amount, the following Rückzahlungsbetrag vorzeitig zurückzuzahlen, applies: or the Calculation Agent] and to appoint gilt folgendes: oder der Berechnungsstelle] zu another Fiscal Agent or additional or other ändern oder zu beenden und einen anderen Fiscal Paying Agents [in the case of Early Redemption Agent oder zusätzliche oder andere Zahlstellen at the Option of the Issuer at the Call [falls die Emittentin das Wahlrecht hat, die Redemption Amount, the following applies: or Schuldverschreibungen zum Wahl- another Calculation Agent]. The Issuer shall at Rückzahlungsbetrag vorzeitig zurückzuzahlen, all times maintain a Fiscal Agent [,][and] a gilt folgendes: oder eine andere Paying Agent [in the case of Early Redemption Berechnungsstelle] zu bestellen. Die Emittentin at the Option of the Issuer at the Call wird zu jedem Zeitpunkt einen Fiscal Agent Redemption Amount the following applies: [und][,] eine Zahlstelle [falls die Emittentin das [,][and] a Calculation Agent] [in the case of Wahlrecht hat, die Schuldverschreibungen zum payments in U.S. dollars the following applies: Wahl-Rückzahlungsbetrag vorzeitig and if payments at or through the offices of all zurückzuzahlen, gilt folgendes: [,][und] eine Paying Agents outside the United States (as Berechnungsstelle [im Fall von Zahlungen in defined in § 1[(7)]) become illegal or are US-Dollar gilt folgendes: und falls Zahlungen effectively precluded because of the imposition bei den oder durch die Geschäftsstellen aller

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of exchange controls or similar restrictions on Zahlstellen außerhalb der Vereinigten Staaten the full payment or receipt of such amounts in (wie in § 1[(7)] definiert) aufgrund der United States dollar, a Paying Agent with a Einführung von Devisenbeschränkungen oder specified office in New York City]. Any ähnlichen Beschränkungen hinsichtlich der variation, termination, appointment or other vollständigen Zahlung oder des Empfangs der change shall only take effect (other than in the entsprechenden Beträge in US-Dollar case of insolvency, when it shall be of immediate widerrechtlich oder tatsächlich ausgeschlossen effect) after not less than 30 nor more than werden, eine Zahlstelle mit bezeichneter 45 days' prior notice thereof shall have been Geschäftsstelle in New York City] unterhalten. given to the Holders in accordance with § 15. Eine Änderung, Beendigung, Bestellung oder ein sonstiger Wechsel wird nur wirksam (außer im Insolvenzfall, in dem eine solche Änderung sofort wirksam wird), sofern die Gläubiger hierüber gemäß § 15 vorab unter Einhaltung einer Frist von mindestens 30 und nicht mehr als 45 Tagen informiert wurden. (3) Agent of the Issuer. The Fiscal Agent [,][and] the (3) Erfüllungsgehilfe der Emittentin. Der Fiscal Paying Agent [in the case of Early Redemption Agent [,][und] die Zahlstelle [falls die at the Option of the Issuer at the Call Emittentin das Wahlrecht hat, die Redemption Amount, the following applies: and Schuldverschreibungen zum Wahl- the Calculation Agent] and any other paying Rückzahlungsbetrag vorzeitig zurückzuzahlen, agent appointed pursuant to subsection (2) act gilt folgendes: und die Berechnungsstelle] und solely as the agents of the Issuer and do not jede andere nach Absatz (2) bestellte Zahlstelle assume any obligations towards or relationship handeln ausschließlich als Erfüllungsgehilfen der of agency or trust for any Holder. Emittentin und übernehmen keinerlei Verpflichtungen gegenüber den Gläubigern und es wird kein Auftrags- oder Treuhandverhältnis zwischen ihnen und den Gläubigern begründet. § 8 TAXATION § 8 BESTEUERUNG All amounts payable in respect of the Notes shall Alle in Bezug auf die Schuldverschreibungen zu be made, and the Guarantee shall provide that all zahlenden Beträge werden ohne Einbehalt oder amounts payable in respect of such Guarantee Abzug von oder aufgrund von gegenwärtigen shall be made, without withholding or deduction oder zukünftigen Steuern oder Abgaben gleich for or on account of any present or future taxes welcher Art gezahlt, die von oder im Namen or duties of whatever nature imposed or levied at eines Landes, in dem die Emittentin bzw. die source by way of withholding or deduction by or Garantin gegründet wurde, geschäftstätig, on behalf of any jurisdiction in which the Issuer steuerlich ansässig oder grundsätzlich mit ihren or the Guarantor, as applicable, is organised, Nettoeinkünften steuerpflichtig ist oder über das engaged in business, resident for tax purposes or oder aus dem Zahlungen auf die generally subject to tax on a net income basis or Schuldverschreibungen bzw. die Garantie through or from which payment on the Notes or geleistet werden, oder einer the Guarantee, as applicable, is made or any steuererhebungsberechtigten Gebietskörperschaft political subdivision or any authority thereof or oder Steuerbehörde dieses Landes (jeweils eine therein having power to tax (each, a "Relevant "Maßgebliche Steuerjurisdiktion") im Wege Taxing Jurisdiction"), unless such withholding des Abzugs oder Einbehalts an der Quelle or deduction is required by law. If such auferlegt oder erhoben werden, und die Garantie withholding with respect to amounts payable in muss entsprechende Bestimmungen für alle in respect of the Notes is required by law, the Issuer Bezug auf diese Garantie zu zahlenden Beträge will pay, and the Guarantee shall provide that, if enthalten, es sei denn, ein solcher Abzug oder

120 such withholding with respect to amounts Einbehalt ist gesetzlich vorgeschrieben. Ist ein payable in respect of such Guarantee is required Einbehalt in Bezug auf zu zahlenden Beträge auf by law, the Guarantor will pay, such additional die Schuldverschreibungen gesetzlich amounts (the "Additional Amounts") as shall be vorgeschrieben, so wird die Emittentin diejenigen necessary in order that the net amounts received zusätzlichen Beträge (die "Zusätzlichen by the Holders, after such withholding or Beträge") zahlen, die erforderlich sind, damit die deduction shall equal the respective amounts den Gläubigern zufließenden Nettobeträge nach which would otherwise have been receivable in einem solchen Einbehalt oder Abzug jeweils den the absence of such withholding or deduction; Beträgen entsprechen, die ohne einen solchen except that no such Additional Amounts shall be Einbehalt oder Abzug von den Gläubigern payable on account of any taxes or duties which: erhalten worden wären - und die Garantie muss eine entsprechende Verpflichtung der Garantin vorsehen, falls ein solcher Einbehalt bei in Bezug auf diese Garantie zu zahlenden Beträge gesetzlich vorgeschrieben ist -; eine Verpflichtung zur Zahlung solcher Zusätzlichen Beträge besteht jedoch nicht für solche Steuern oder Abgaben: (a) are payable by any Person acting as (a) die von einer als Depotbank oder custodian bank or collecting agent on Inkassobeauftragter im Namen eines behalf of a Holder, or otherwise in any Gläubigers handelnden Person zu entrichten manner which does not constitute a sind oder sonst auf andere Weise zu deduction or withholding by the Issuer or entrichten sind als dadurch, dass die the Guarantor, as applicable, from Emittentin bzw. die Garantin von den von payments of principal or interest made by ihr zu leistenden Zahlungen von Kapital it, or oder Zinsen einen Abzug oder Einbehalt vornimmt, oder (b) are payable by reason of the Holder (b) die aufgrund einer bestehenden oder having, or having had, some personal or früheren persönlichen oder geschäftlichen business connection with the Relevant Beziehung des Gläubigers zur Taxing Jurisdiction and not merely by Maßgeblichen Steuerjurisdiktion zu zahlen reason of the fact that payments in respect sind, und nicht allein deshalb, weil of the Notes or the Guarantee, as Zahlungen auf die Schuldverschreibungen applicable, are, or for purposes of taxation bzw. die Garantie aus Quellen in der are deemed to be, derived from sources in, Maßgeblichen Steuerjurisdiktion stammen or are secured in, the Relevant Taxing (oder für Zwecke der Besteuerung so Jurisdiction, or behandelt werden) oder dort besichert sind, oder (c) are deducted or withheld pursuant to (i) (c) die aufgrund (i) einer Richtlinie oder any European Union Directive or Verordnung der Europäischen Union Regulation concerning the taxation of betreffend die Besteuerung von interest income, or (ii) any international Zinserträgen oder (ii) zwischenstaatlicher treaty or understanding relating to such Abkommen oder Vereinbarungen über taxation and to which the Federal Republic deren Besteuerung, an denen die of Germany or the Kingdom of the Bundesrepublik Deutschland oder das Netherlands or the European Union is a Königreich Niederlande oder die party, or (iii) any provision of law Europäische Union beteiligt ist, oder implementing, or complying with, or (iii) einer gesetzlichen Vorschrift, die der introduced to conform with, such Umsetzung dieser Richtlinie, Verordnung

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Directive, Regulation, treaty or oder dieses Abkommens oder dieser understanding, or Vereinbarung dient, diesen entspricht oder zur Anpassung an diese eingeführt wurde, abzuziehen oder einzubehalten sind, oder (d) would not have been imposed or withheld (d) die nicht erhoben oder einbehalten worden but for the failure of the Holder or wären, wenn es der Gläubiger oder der beneficial owner of Notes (including, for wirtschaftliche Eigentümer der these purposes, any financial institution Schuldverschreibungen (für die through which the Holder or beneficial vorliegenden Zwecke einschließlich owner holds the Notes or through which Finanzinstitute, über die der Gläubiger oder payment on the Notes is made), following wirtschaftliche Eigentümer die a written request by or on behalf of the Schuldverschreibungen hält oder über die Issuer or the Guarantor addressed to the Zahlungen auf die Schuldverschreibungen Holder or beneficial owner (and made at a erfolgen) nicht unterlassen hätte, nach einer time that would enable the Holder or an den Gläubiger oder wirtschaftlichen beneficial owner acting reasonably to Eigentümer gerichteten schriftlichen comply with that request, and in all events, Aufforderung der Emittentin, der Garantin at least 30 days before any withholding or oder in deren Namen (die so rechtzeitig deduction would be required), to comply erfolgt, dass der Gläubiger bzw. der with any certification, identification, wirtschaftliche Eigentümer dieser information or other reporting requirement Aufforderung mit zumutbaren whether required by statute, treaty, Anstrengungen nachkommen kann, in regulation or administrative practice of a jedem Fall aber mindestens 30 Tage, bevor Relevant Taxing Jurisdiction, that is a ein Einbehalt oder Abzug erforderlich precondition to exemption from, or wäre), einer aufgrund von Gesetzen, reduction in the rate of deduction or Abkommen, Verordnungen oder der withholding of, taxes imposed by the Verwaltungspraxis in einer Maßgeblichen Relevant Taxing Jurisdiction (including, Steuerjurisdiktion vorgeschrieben without limitation, a certification that the Bescheinigungs-, Identifizierungs-, Holder or beneficial owner is not resident Informations-, oder sonstigen in the Relevant Taxing Jurisdiction), but in Nachweispflicht nachzukommen, die each case, only to the extent the Holder or Voraussetzung für eine Befreiung von in beneficial owner is legally entitled to der Maßgeblichen Steuerjurisdiktion provide such certification, information or erhobenen Steuern oder eine Reduzierung documentation, or der Höhe des Abzugs oder Einbehalts solcher Steuern ist (u. a. eine Bescheinigung, dass der Gläubiger bzw. der wirtschaftliche Eigentümer nicht in der Maßgeblichen Steuerjurisdiktion ansässig ist), jedoch jeweils nur, soweit der Gläubiger bzw. der wirtschaftliche Eigentümer rechtlich berechtigt ist, die Bescheinigung, Information oder Dokumentation vorzulegen, oder (e) are payable by reason of a change in law (e) die wegen einer Rechtsänderung zu zahlen that becomes effective more than 30 days sind, welche später als 30 Tage nach after the relevant payment becomes due, or Fälligkeit der betreffenden Zahlung oder, is duly provided for and notice thereof is wenn dies später erfolgt, ordnungsgemäßer published in accordance with § 15, Bereitstellung aller fälligen Beträge und

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whichever occurs later, or einer diesbezüglichen Bekanntmachung gemäß § 15 wirksam wird, oder (f) any combinations of items (a)-(e), (f) jegliche Kombination der Absätze (a)-(e). nor shall any Additional Amounts be paid with Zudem werden keine Zusätzlichen Beträge im respect to any payment on a Note to a Holder Hinblick auf Zahlungen auf die who is a fiduciary or partnership or who is other Schuldverschreibungen an einen Gläubiger than the sole beneficial owner of such payment gezahlt, welcher die Zahlung als Treuhänder oder to the extent such payment would be required by Personengesellschaft oder als sonstiger nicht the laws of the Relevant Taxing Jurisdiction to alleiniger wirtschaftlicher Eigentümer der be included in the income, for tax purposes, of a Zahlung erhält, soweit nach den Gesetzen der beneficiary or settlor with respect to such Maßgeblichen Steuerjurisdiktion eine solche fiduciary or a member of such partnership or a Zahlung für Steuerzwecke dem Einkommen des beneficial owner who would not have been Begünstigten bzw. Gründers eines entitled to such Additional Amounts had such Treuhandvermögens oder eines Gesellschafters beneficiary, settlor, member or beneficial owner der Personengesellschaft zugerechnet würde, der been the Holder of the Note. jeweils selbst nicht zum Erhalt von Zusätzlichen Beträgen berechtigt gewesen wäre, wenn der Begünstigte, Gründer eines Treuhandvermögens, Gesellschafter oder wirtschaftliche Eigentümer selbst Gläubiger der Schuldverschreibungen wäre. For the avoidance of doubt, the withholding tax Zur Klarstellung wird festgehalten, dass die (Kapitalertragsteuer) currently levied in the gegenwärtig in der Bundesrepublik Deutschland Federal Republic of Germany at the level of the gemäß dem zum Begebungstag geltenden custodian bank and the solidarity surcharge Steuerrecht auf der Ebene der Depotbank (Solidaritätszuschlag) imposed thereon pursuant erhobene Kapitalertragsteuer und der darauf to tax law as in effect as of the Issue Date do not anfallende Solidaritätszuschlag keine Steuern constitute a tax or duty as described above in oder Abgaben der vorstehend beschriebenen Art respect of which Additional Amounts would be darstellen, für die von der Emittentin Zusätzliche payable by the Issuer. Beträge zu zahlen wären. § 9 PRESENTATION PERIOD § 9 VORLEGUNGSFRIST The presentation period provided in section 801 Die in § 801 Abs. 1 Satz 1 BGB bestimmte paragraph 1, sentence 1 German Civil Code Vorlegungsfrist wird für die (Bürgerliches Gesetzbuch) is reduced to ten Schuldverschreibungen auf zehn Jahre verkürzt. years for the Notes. § 10 EVENTS OF DEFAULT § 10 KÜNDIGUNGSGRÜNDE (1) Events of default. If an Event of Default occurs (1) Kündigungsgründe. Tritt ein Kündigungsgrund and is continuing, each Holder shall be entitled ein und dauert dieser an, so ist jeder Gläubiger to declare due and payable by submitting a berechtigt, seine sämtlichen Forderungen aus den Termination Notice pursuant to § 10(2) to the Schuldverschreibungen durch Abgabe einer Paying Agent its entire claims arising from the Kündigungserklärung gemäß § 10(2) gegenüber Notes and demand immediate redemption der Zahlstelle fällig zu stellen und deren thereof at the principal amount together with unverzügliche Rückzahlung zu ihrem accrued interest (if any) to (but excluding) the Nennbetrag, zuzüglich etwaiger bis zum Tage der date of repayment. Each of the following is an Rückzahlung (ausschließlich) aufgelaufener "Event of Default": Zinsen zu verlangen. Jedes der folgenden Ereignisse stellt einen "Kündigungsgrund" dar:

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(a) the Issuer or, failing which, the Guarantor (a) die Emittentin oder, falls diese nicht leistet, fails to pay principal, interest or any other die Garantin zahlt auf die amounts due under the Notes or the Schuldverschreibungen bzw. die Garantie Guarantee within 30 days from the relevant fällige Kapital- oder Zinsbeträge oder due date; or sonstige Beträge nicht innerhalb von 30 Tagen nach Fälligkeit; oder (b) the Issuer or the Guarantor fails to duly (b) die Emittentin oder die Garantin erfüllt perform any other obligation arising from irgendeine andere Verpflichtung aus den the Notes or the Guarantee and such Schuldverschreibungen bzw. der Garantie failure, if capable of remedy, continues nicht und die Nichterfüllung dauert - sofern unremedied for more than 60 days after the sie geheilt werden kann - jeweils länger als Paying Agent has received a written 60 Tage fort, nachdem die Zahlstelle eine request thereof in the manner set forth in schriftliche Aufforderung in der in § 10(2) § 10(2) from a Holder to perform such vorgesehenen Art und Weise von einem obligation; or Gläubiger erhalten hat, die Verpflichtung zu erfüllen; oder (c) (i) any Financial Indebtedness of the (c) (i) eine (nicht im Rahmen der Guarantor or any Material Subsidiary Schuldverschreibungen bestehende) (other than under the Notes) becomes due Finanzverbindlichkeit der Garantin oder and payable prior to its specified maturity einer Wesentlichen Tochtergesellschaft (whether by declaration, automatic wird infolge eines Kündigungsgrunds acceleration or otherwise) as a result of an (unabhängig von der Bezeichnung) vor event of default (howsoever described), or ihrer festgelegten Fälligkeit fällig und (ii) any Financial Indebtedness of the zahlbar (sei es durch Kündigung, Guarantor or any Material Subsidiary automatische vorzeitige Fälligstellung oder (other than under the Notes) is not paid auf andere Weise) oder (ii) eine (nicht im within 30 days from its due date nor within Rahmen der Schuldverschreibungen any originally applicable or subsequently bestehende) Finanzverbindlichkeit der agreed grace period, provided that the Garantin oder einer Wesentlichen aggregate amount of Financial Tochtergesellschaft wird weder innerhalb Indebtedness falling within (i) and (ii) von 30 Tagen nach Fälligkeit noch above amounts to at least EUR 25,000,000 innerhalb einer ursprünglich geltenden oder (or its equivalent in other currencies). For nachträglich vereinbarten Nachfrist gezahlt, the avoidance of doubt, this jeweils mit der Maßgabe, dass der subparagraph (1)(c) shall not apply, where Gesamtbetrag der Finanzverbindlichkeiten the Guarantor or the relevant Material nach (i) und (ii) mindestens Subsidiary contests in good faith that such EUR 25.000.000 (oder den Gegenwert in payment obligation exists or is due; or einer anderen Währung) beträgt. Zur Klarstellung wird festgehalten, dass dieser Absatz (1)(c) keine Anwendung findet, wenn die Garantin oder die jeweilige Wesentliche Tochtergesellschaft in gutem Glauben bestreitet, dass diese Zahlungsverpflichtung besteht oder fällig ist; oder (d) the Guarantor or any Material Subsidiary (d) die Garantin oder eine Wesentliche announces its inability to meet its financial Tochtergesellschaft gibt ihre obligations or ceases its payments Zahlungsunfähigkeit bekannt oder stellt generally; or ihre Zahlungen generell ein; oder

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(e) insolvency proceedings against the (e) gegen die Garantin oder eine Wesentliche Guarantor or any Material Subsidiary are Tochtergesellschaft wird ein instituted and have not been discharged or Insolvenzverfahren eingeleitet und nicht stayed within 90 days, or the Guarantor or innerhalb von 90 Tagen aufgehoben oder any Material Subsidiary applies for or ausgesetzt, oder die Garantin oder eine institutes such proceedings; or Wesentliche Tochtergesellschaft beantragt die Eröffnung eines solchen Verfahrens oder leitet ein solches Verfahren ein; oder (f) the Guarantor or the Issuer enters into (f) die Garantin oder die Emittentin geht in liquidation unless this is done in Liquidation, es sei denn, dies geschieht im connection with a merger or other form of Zusammenhang mit einer Verschmelzung combination with another company and oder einer anderen Form des such company assumes all obligations of Zusammenschlusses mit einer anderen the Issuer in connection with the Notes or Gesellschaft und die andere Gesellschaft the Guarantor in connection with the übernimmt alle Verpflichtungen, die die Guarantee, as applicable; or Emittentin im Zusammenhang mit den Schuldverschreibungen bzw. die Garantin im Zusammenhang mit der Garantie eingegangen ist; oder (g) any governmental order, decree or (g) in der Bundesrepublik Deutschland oder enactment is made in or by the Federal dem Königreich Niederlande werden Republic of Germany or the Kingdom of Gesetze, Verordnungen oder behördliche the Netherlands whereby the Issuer or the Anordnungen erlassen, aufgrund derer die Guarantor is prevented from observing and Emittentin oder die Garantin daran performing in full its obligations under the gehindert wird, ihre Verpflichtungen aus Notes or the Guarantee and this situation is den Schuldverschreibungen bzw. der not cured within 90 days; or Garantie in vollem Umfang nachzukommen und zu erfüllen und dieser Umstand wird nicht binnen 90 Tagen behoben; oder (h) cessation of business operations of the (h) Einstellung des Geschäftsbetriebs der Guarantor or the Issuer; or Garantin oder der Emittentin; oder (i) the Guarantee ceases to be in full force and (i) die Garantie verliert ihre volle Wirkung effect or is declared null and void in a oder wird in einem Gerichtsverfahren für judicial proceeding. unwirksam erklärt. (2) Termination Notices. Any notice by a Holder (2) Kündigungserklärungen. Eine Erklärung eines (i) in accordance with § 10(1)(b) or (ii) to Gläubigers (i) gemäß § 10(1)(b) oder (ii) zur terminate its Notes in accordance with § 10 (a Kündigung seiner Schuldverschreibungen gemäß "Termination Notice") shall be made by means § 10 (eine "Kündigungserklärung") hat in der of a written declaration to the Fiscal Agent in the Weise zu erfolgen, dass der Gläubiger dem Fiscal German or English language delivered by hand Agent eine entsprechende schriftliche Erklärung or registered mail together with evidence by in deutscher oder englischer Sprache übergibt means of a certificate of the Holder's Custodian oder durch eingeschriebenen Brief übermittelt (as defined in § 17(3)) that such Holder, at the und dabei durch eine Bescheinigung seiner time of such Termination Notice, is a holder of Depotbank (wie in § 17(3) definiert) nachweist, the relevant Notes. dass er die betreffenden Schuldverschreibungen zum Zeitpunkt der Kündigungserklärung hält. (3) Cure. For the avoidance of doubt, the right to (3) Heilung. Zur Klarstellung wird festgehalten, dass declare Notes due in accordance with this § 10 das Recht zur Kündigung der

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shall terminate if the situation giving rise to it Schuldverschreibungen gemäß diesem § 10 has been cured before the right is exercised. erlischt, falls der Kündigungsgrund vor Ausübung des Rechts geheilt wurde. (4) Quorum. In the events specified in § 10(1)(b) (4) Quorum. In den Fällen gemäß § 10 (1)(b) und and § 10(1)(c), any notice declaring Notes due §10(1)(c) wird eine Kündigungserklärung, sofern shall, unless at the time such notice is received nicht bei deren Eingang zugleich einer der in any of the events specified in § 10(1)(a) and § 10(1)(a) und § 10(1)(d)-(i) bezeichneten § 10(1)(d)-(i) entitling Holders to declare their Kündigungsgründe vorliegt, erst wirksam, wenn Notes due has occurred, become effective only bei der Zahlstelle Kündigungserklärungen von when the Paying Agent has received such default Gläubigern im Nennbetrag von mindestens 10 % notices from the Holders representing at least 10 des Gesamtnennbetrages der zu diesem Zeitpunkt per cent. of the aggregate principal amount of noch insgesamt ausstehenden the Notes then outstanding. Schuldverschreibungen eingegangen sind. § 11 COVENANTS § 11 VERPFLICHTUNGSERKLÄRUNGEN (1) Limitations on Incurrence of Financial (1) Beschränkungen für das Eingehen von Indebtedness. The Guarantor has undertaken in Finanzverbindlichkeiten. Die Garantin hat sich in the Guarantee that it will not, and will procure der Garantie verpflichtet, nach dem that none of its Subsidiaries will, after the Issue Begebungstag keine Finanzverbindlichkeiten Date, incur any Financial Indebtedness if, einzugehen und sicherzustellen, dass ihre immediately after giving effect to the incurrence Tochtergesellschaften nach dem Begebungstag of such additional Financial Indebtedness and keine Finanzverbindlichkeiten eingehen, wenn the application of the net proceeds of such jeweils unmittelbar nach Wirksamwerden des incurrence, Eingehens solcher weiterer Finanzverbindlichkeiten und der Verwendung des damit erzielten Nettoerlöses eine der folgenden Bedingungen erfüllt wären: (a) the sum of (i) the Consolidated Financial (a) die Summe aus (i) den Konsolidierten Indebtedness of the Group as of the Finanzverbindlichkeiten der Gruppe zum immediately preceding Reporting Date for unmittelbar vorangegangenen which Consolidated Financial Statements Berichtsstichtag, zu dem ein of the Guarantor have been published and Konzernabschluss der Garantin (ii) the Net Nominal Financial veröffentlicht wurde, und (ii) dem Indebtedness incurred since the Nennbetrag der Finanzverbindlichkeiten immediately preceding Reporting Date for (netto), die seit dem unmittelbar which Consolidated Financial Statements vorangegangenen Berichtsstichtag of the Guarantor have been published eingegangen wurden, zu dem ein would exceed 60 per cent. of the sum of Konzernabschluss der Garantin (without duplication) (x) Total Assets as of veröffentlicht wurde, würde einen Betrag in the immediately preceding Reporting Date Höhe von 60 % der Summe (unter for which Consolidated Financial Ausschluss einer Doppelberücksichtigung) Statements of the Guarantor have been aus (x) der Bilanzsumme zum unmittelbar published, (y) the purchase price of any vorangegangenen Berichtsstichtag, zu dem Real Estate Property acquired or contracted ein Konzernabschluss der Garantin for acquisition since the immediately veröffentlicht wurde, (y) dem Kaufpreis für preceding Reporting Date for which Immobilienvermögen, das seit dem Consolidated Financial Statements of the unmittelbar vorangegangenen Guarantor have been published and (z) the Berichtsstichtag, zu dem ein proceeds of any Financial Indebtedness Konzernabschluss der Garantin incurred since the immediately preceding veröffentlicht wurde, erworben wurde oder

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Reporting Date for which Consolidated für dessen Erwerb seit diesem Zeitpunkt Financial Statements of the Guarantor have eine Verpflichtung eingegangen wurde, und been published (but only to the extent such (z) dem Erlös aus Finanzverbindlichkeiten, proceeds were not used to acquire Real die seit dem unmittelbar vorangegangenen Estate Property or to reduce Financial Berichtsstichtag eingegangen wurden, zu Indebtedness); or dem ein Konzernabschluss der Garantin veröffentlicht wurde (jedoch nur soweit dieser Erlös nicht zum Erwerb von Immobilienvermögen oder zur Verringerung von Finanzverbindlichkeiten verwendet wurde) übersteigen; oder (b) the sum of (i) the Consolidated Secured (b) die Summe aus (i) den Besicherten Financial Indebtedness of the Group as of Konsolidierten Finanzverbindlichkeiten der the immediately preceding Reporting Date Gruppe zum unmittelbar vorangegangenen for which Consolidated Financial Berichtsstichtag, zu dem ein Statements of the Guarantor have been Konzernabschluss der Garantin published and (ii) the Net Nominal Secured veröffentlicht wurde, und (ii) dem Financial Indebtedness incurred since the Nennbetrag der Besicherten immediately preceding Reporting Date for Finanzverbindlichkeiten (netto), die seit which Consolidated Financial Statements dem unmittelbar vorangegangenen of the Guarantor have been published Berichtsstichtag eingegangen wurden, zu would exceed 45 per cent. of the sum of dem ein Konzernabschluss der Garantin (without duplication) (x) Total Assets as of veröffentlicht wurde, würde einen Betrag in the immediately preceding Reporting Date Höhe von 45 % der Summe (unter for which Consolidated Financial Ausschluss einer Doppelberücksichtigung) Statements of the Guarantor have been aus (x) der Bilanzsumme zum unmittelbar published, (y) the purchase price of any vorangegangenen Berichtsstichtag, zu dem Real Estate Property acquired or contracted ein Konzernabschluss der Garantin for acquisition since the immediately veröffentlicht wurde, (y) dem Kaufpreis für preceding Reporting Date for which Immobilienvermögen, das seit dem Consolidated Financial Statements of the unmittelbar vorangegangenen Guarantor have been published and (z) the Berichtsstichtag, zu dem ein proceeds of any Financial Indebtedness Konzernabschluss der Garantin incurred since the immediately preceding veröffentlicht wurde, erworben wurde oder Reporting Date for which Consolidated für dessen Erwerb seit diesem Zeitpunkt Financial Statements of the Guarantor have eine Verpflichtung eingegangen wurde, und been published (but only to the extent such (z) dem Erlös aus Finanzverbindlichkeiten, proceeds were not used to acquire Real die seit dem unmittelbar vorangegangenen Estate Property or to reduce Financial Berichtsstichtag eingegangen wurden, zu Indebtedness). dem ein Konzernabschluss der Garantin veröffentlicht wurde (jedoch nur soweit dieser Erlös nicht zum Erwerb von Immobilienvermögen oder zur Verringerung von Finanzverbindlichkeiten verwendet wurde) übersteigen. (2) Maintenance of Consolidated Coverage (2) Einhaltung des Konsolidierten Ratio. The Guarantor has undertaken in the Deckungsgrads. Die Garantin hat sich in der Guarantee that on each Reporting Date the Garantie verpflichtet, dass der Konsolidierte Consolidated Coverage Ratio will be at least Deckungsgrad an jedem Berichtsstichtag

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1.80 to 1.00. mindestens 1,80 zu 1,00 betragen wird. (3) Maintenance of Total Unencumbered Assets. The (3) Einhaltung des Gesamtbetrags des Unbelasteten Guarantor has undertaken in the Guarantee that Vermögens. Die Garantin hat sich in der Garantie from the Issue Date the sum of (i) the verpflichtet, dass ab dem Begebungstag die Unencumbered Assets as of the immediately Summe aus (i) dem Unbelasteten Vermögen zum preceding Reporting Date for which unmittelbar vorangegangenen Berichtsstichtag, Consolidated Financial Statements of the zu dem ein Konzernabschluss der Garantin Guarantor have been published and (ii) the Net veröffentlicht wurde, und (ii) dem seit dem Unencumbered Assets newly recorded since the unmittelbar vorangegangenen Berichtsstichtag, immediately preceding Reporting Date for which zu dem ein Konzernabschluss der Garantin Consolidated Financial Statements of the veröffentlicht wurde, neu erfassten Unbelasteten Guarantor have been published will at no time be Nettovermögen zu keiner Zeit weniger als 125 % less than 125 per cent. of the sum of (x) the der Summe aus (x) den Unbesicherten Unsecured Financial Indebtedness as of the Finanzverbindlichkeiten zum unmittelbar immediately preceding Reporting Date for which vorangegangenen Berichtsstichtag, zu dem ein Consolidated Financial Statements of the Konzernabschluss der Garantin veröffentlicht Guarantor have been published and (y) the Net wurde, und (y) dem Nennbetrag der Nominal Unsecured Financial Indebtedness Unbesicherten Finanzverbindlichkeiten (netto), incurred since the immediately preceding die seit dem unmittelbar vorangegangenen Reporting Date for which Consolidated Berichtsstichtag, zu dem ein Konzernabschluss Financial Statements of the Guarantor have been der Garantin veröffentlicht wurde, eingegangen published. wurden, betragen wird. (4) Reports. For so long as any Notes are (4) Berichte. Solange Schuldverschreibungen outstanding, the Guarantor shall post on its ausstehen, veröffentlicht die Garantin die website, folgenden Angaben auf ihrer Internetseite: (a) within 120 days after the end of each of the (a) innerhalb von 120 Tagen nach dem Ende Guarantor's fiscal years, annual reports des Geschäftsjahres der Garantin einen containing the following information: Geschäftsbericht mit den folgenden Angaben: (i) audited consolidated financial (i) einem geprüften Konzernabschluss statements in accordance with IFRS nach den in der EU anwendbaren as adopted by the EU and the International Financial Reporting management report in accordance Standards (IFRS) und einen with section 315 of the German Lagebericht nach § 315 HBG; Commercial Code (Handelsgesetzbuch); (ii) in addition to the requirements of (ii) zusätzlich zu den Anforderungen nach IFRS and of the German Commercial IFRS und HGB soll der Lagebericht Code (Handelsgesetzbuch) the zum Konzernabschluss Angaben management report to the enthalten über die Einhaltung der consolidated financial statements Verpflichtungserklärungen zu should include information on "Beschränkungen für das Eingehen compliance by the Guarantor with the von Finanzverbindlichkeiten", covenants "Limitations on Incurrence "Einhaltung des Konsolidierten of Financial Indebtedness", Deckungsgrads" und "Einhaltung des "Maintenance of Consolidated Gesamtbetrags des Unbelasteten Coverage Ratio" and "Maintenance Vermögens" durch die Garantin; und of Total Unencumbered Assets"; and

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(iii) the audit opinion of the independent (iii) dem Bestätigungsvermerk des auditors on the consolidated financial Abschlussprüfers zum statements; Konzernabschluss; (b) within 60 days after the end of each of the (b) innerhalb von 60 Tagen nach dem Ende first three fiscal quarters in each fiscal year jedes der ersten drei Quartale jedes of the Guarantor, unaudited condensed Geschäftsjahres der Garantin einen consolidated quarterly financial statements ungeprüften verkürzten Konzern- in accordance with IFRS as adopted by the Zwischenabschluss nach den in der EU EU and the requirements of section 37w of anwendbaren IFRS und den Anforderungen the German Securities Trading Act des § 37w Wertpapierhandelsgesetz (Wertpapierhandelsgesetz - WpHG), which (WpHG), der Angaben über die Einhaltung will include information on compliance der Verpflichtungserklärungen zu with the covenants "Limitations on "Beschränkungen für das Eingehen von Incurrence of Financial Indebtedness", Finanzverbindlichkeiten", "Einhaltung des "Maintenance of Consolidated Coverage Konsolidierten Deckungsgrads" und Ratio" and "Maintenance of Total "Einhaltung des Gesamtbetrags des Unencumbered Assets". Unbelasteten Vermögens" enthält. § 12 SUBSTITUTION, TRANSFER OF § 12 ERSETZUNG, SITZVERLEGUNG DOMICILE (1) Substitution. The Issuer may, without the consent (1) Ersetzung. Die Emittentin ist berechtigt, wenn of the Holders, if no payment of principal of or kein Zahlungsverzug hinsichtlich Kapital oder interest on any of the Notes is in default, at any Zinsen auf die Schuldverschreibungen vorliegt, time substitute for the Issuer the Guarantor or jederzeit ohne die Zustimmung der Gläubiger die any Affiliate of the Guarantor as principal debtor Garantin oder ein mit der Garantin Verbundenes in respect of all obligations arising from or in Unternehmen an ihrer Stelle als connection with these Notes (the "Substitute Hauptschuldnerin (die "Nachfolgeschuldnerin") Debtor") provided that: für alle Verpflichtungen aus oder im Zusammenhang mit den Schuldverschreibungen einzusetzen, vorausgesetzt, dass: (a) the Substitute Debtor, in a manner legally (a) die Nachfolgeschuldnerin alle effective, assumes all obligations of the Verpflichtungen der Emittentin im Issuer in respect of the Notes; Zusammenhang mit den Schuldverschreibungen rechtswirksam übernimmt; (b) the Guarantor (provided that the Guarantor (b) die Garantin (falls die Garantin nicht selbst is not the Substitute Debtor) declares that die Nachfolgeschuldnerin ist) erklärt, dass its Guarantee shall with respect to the ihre Garantie im Zusammenhang mit den Notes also apply to the Substitute Debtor Schuldverschreibungen auch auf die (each such declaration a "Substitution Nachfolgeschuldnerin Anwendung findet Guarantee"); (jede solche Erklärung eine "Ersetzungsgarantie"); (c) the obligations under the Guarantee will (c) die Verpflichtungen aus der Garantie in not be limited in any way solely as a keiner Weise lediglich deshalb beschränkt consequence of the Issuer being substituted sind, weil die Emittentin durch die by the Substitute Debtor; Nachfolgeschuldnerin ersetzt wurde; (d) the Substitute Debtor, the Issuer and the (d) die Nachfolgeschuldnerin, die Emittentin Guarantor (provided that the Guarantor is und die Garantin (falls die Garantin nicht not the Substitute Debtor) have obtained all selbst die Nachfolgeschuldnerin ist) alle für

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necessary governmental and regulatory die Ersetzung und für die Übernahme einer approvals and consents for such Ersetzungsgarantie durch die Garantin substitution and for the issue by the (falls die Garantin nicht selbst die Guarantor (provided that the Guarantor is Nachfolgeschuldnerin ist) notwendigen not the Substitute Debtor) of a Substitution Genehmigungen und Zustimmungen von Guarantee, that the Substitute Debtor has staatlichen Stellen und Aufsichtsbehörden obtained all necessary governmental and erhalten haben, die Nachfolgeschuldnerin regulatory approvals and consents for the alle für die Erfüllung ihrer Verpflichtungen performance by the Substitute Debtor of its aus den Schuldverschreibungen obligations under the Notes and that all notwendigen Genehmigungen und such approvals and consents are in full Zustimmungen von staatlichen Stellen und force and effect and that the obligations Aufsichtsbehörden erhalten hat und assumed by the Substitute Debtor in weiterhin sämtliche dieser Genehmigungen respect of the Notes and the obligations und Zustimmungen in vollem Umfang assumed by the Guarantor (provided that gültig und wirksam sind und zudem die the Guarantor is not the Substitute Debtor) Verpflichtungen der Nachfolgeschuldnerin under its Substitution Guarantee are, in aus den Schuldverschreibungen und die von each case, valid and binding in accordance der Garantin (falls die Garantin nicht selbst with their respective terms and enforceable die Nachfolgeschuldnerin ist) aus ihrer by each Holder; Ersetzungsgarantie übernommenen Verpflichtungen jeweils gemäß ihren Bestimmungen wirksam und rechtsverbindlich und durch jeden Gläubiger durchsetzbar sind; (e) the Substitute Debtor can transfer to the (e) die Nachfolgeschuldnerin alle für die Paying Agent in the currency required and Erfüllung der Zahlungsverpflichtungen aus without being obligated to deduct or den Schuldverschreibungen erforderlichen withhold any taxes or other duties of Beträge in der erforderlichen Währung an whatever nature levied by the country in die Zahlstelle überweisen kann, ohne zum which the Substitute Debtor or the Issuer or Abzug oder Einbehalt von Steuern oder the Guarantor (provided that the Guarantor sonstigen Abgaben gleich welcher Art is not the Substitute Debtor) has its verpflichtet zu sein, die in dem Land domicile or tax residence, all amounts erhoben werden, in dem die required for the fulfilment of the payment Nachfolgeschuldnerin, die Emittentin oder obligations arising under the Notes; die Garantin (falls die Garantin nicht selbst die Nachfolgeschuldnerin ist) ihren Sitz hat oder steuerlich ansässig ist; (f) the Substitute Debtor has agreed to (f) die Nachfolgeschuldnerin sich verpflichtet indemnify and hold harmless each Holder hat, jeden Gläubiger hinsichtlich solcher against any tax, duty, assessment or Steuern, Abgaben, Festsetzungen oder governmental charge imposed on such behördlichen Lasten freizustellen, die Holder in respect of such substitution; and einem Gläubiger im Zusammenhang mit der Ersetzung auferlegt werden; und (g) the Issuer shall have delivered to an agent (g) die Emittentin einem zu diesem Zweck appointed for that purpose one Opinion of bestellten Beauftragten ein Rechtsgutachten Counsel for each jurisdiction affected of bezüglich jeder betroffenen Rechtsordnung lawyers of recognised standing to the effect von anerkannten Rechtsanwälten vorgelegt that subparagraphs (a) to (f) above have hat, das bestätigt, dass die Bestimmungen been satisfied. in den vorstehenden Absätzen (a) bis (f)

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erfüllt wurden. For purposes of this § 12, "Affiliate" shall mean Für die Zwecke dieses § 12 bezeichnet any affiliated company (verbundenes "Verbundenes Unternehmen" ein verbundenes Unternehmen) within the meaning of section 15 Unternehmen im Sinne von § 15 Aktiengesetz of the German Stock Corporation Act (AktG). (Aktiengesetz). (2) Notice. Any substitution of the Issuer pursuant to (2) Bekanntmachung. Jede Ersetzung der Emittentin this § 12 and the date of effectiveness of such gemäß diesem § 12 sowie das Datum, an dem die substitution shall be published in accordance Ersetzung wirksam wird, ist gemäß § 15 bekannt with § 15. zu geben. (3) Change of References. Upon effectiveness of the (3) Änderung von Bezugnahmen. Mit substitution any reference in these Terms and Wirksamwerden der Ersetzung gilt jede Conditions to the Issuer shall from then on be Bezugnahme in diesen Emissionsbedingungen deemed to refer to the Substitute Debtor and any auf die Emittentin ab dem Zeitpunkt der reference to the Relevant Taxing Jurisdiction Ersetzung als Bezugnahme auf die with respect to the Issuer shall from then on be Nachfolgeschuldnerin und jede Bezugnahme auf deemed to refer to the Relevant Taxing die Maßgebliche Steuerjurisdiktion im Hinblick Jurisdiction with respect to the Substitute auf die Emittentin gilt ab diesem Zeitpunkt als Debtor. Furthermore, in the event of such Bezugnahme auf die Maßgebliche substitution, § 10(1)(i) shall be deemed to be Steuerjurisdiktion im Hinblick auf die amended to the effect that it shall be an Event of Nachfolgeschuldnerin. Des Weiteren gilt im Fall Default if a Substitution Guarantee ceases to be einer Ersetzung § 10(1)(i) als in der Form valid or binding on or enforceable against the geändert, dass als Kündigungsgrund gilt, wenn Guarantor (provided that the Guarantor is not eine Ersetzungsgarantie nicht mehr wirksam oder itself the Substitute Debtor). rechtsverbindlich für die Garantin ist oder nicht mehr gegen die Garantin durchsetzbar ist (falls die Garantin nicht selbst die Nachfolgeschuldnerin ist). (4) Release from Obligations. Upon effective (4) Schuldbefreiung. Nach wirksamer Ersetzung der substitution of the Issuer as set forth in this § 12, Emittentin gemäß diesem § 12 ist die Emittentin the Issuer shall be released from any obligation von allen Verpflichtungen aus oder im arising from or in connection with the Notes. Zusammenhang mit den Schuldverschreibungen befreit. (5) Further Substitution. At any time after a (5) Weitere Ersetzungen. Die Nachfolgeschuldnerin substitution pursuant to § 12(1) above, the ist jederzeit nach einer Ersetzung gemäß Substitute Debtor may, without the consent of vorstehendem § 12(1) berechtigt, ohne die the Holders, effect a further substitution Zustimmung der Gläubiger eine weitere provided that all the provisions specified in Ersetzung vorzunehmen, wobei alle § 12(1) to § 12(4) above shall apply, mutatis Bestimmungen der vorstehenden § 12(1) bis mutandis, and, without limitation, references in § 12(4) sinngemäß Anwendung finden und, ohne these Terms and Conditions to the Issuer shall, hierauf beschränkt zu sein, Bezugnahmen in where the context so requires, be deemed to be diesen Emissionsbedingungen auf die Emittentin, or include references to any such further sofern der Zusammenhang dies verlangt, als Substitute Debtor; provided that in no event shall Bezugnahmen bzw. auch als Bezugnahmen auf any substitution under this § 12 have the effect jede weitere Nachfolgeschuldnerin gelten. Eine of releasing the Guarantor from any of its Ersetzung gemäß diesem § 12 hat jedoch in obligations under its Guarantee. keinem Fall zur Folge, dass die Garantin von ihren Verpflichtungen aus ihrer Garantie befreit

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wird. (6) Transfer of Domicile. A transfer of domicile of (6) Sitzverlegung. Eine Verlegung des Sitzes der the Issuer to another country or territory is only Emittentin in ein anderes Land oder Gebiet ist permissible if the requirements set forth in nur zulässig, wenn die vorstehend in § 12(1) und § 12(1) and (2) above are complied with (2) genannten Anforderungen entsprechend accordingly. § 12(3) second half-sentence of erfüllt sind. § 12(3) zweiter Halbsatz des ersten sentence 1 shall apply mutatis mutandis. Satzes findet entsprechende Anwendung. § 13 FURTHER ISSUES, PURCHASES AND § 13 BEGEBUNG WEITERER CANCELLATION SCHULDVERSCHREIBUNGEN, ANKAUF UND ENTWERTUNG (1) Further Issues. Subject to § 11, the Issuer may (1) Begebung weiterer Schuldverschreibungen. Die from time to time, without the consent of the Emittentin ist vorbehaltlich der Bestimmungen Holders, issue further Notes having the same von § 11 berechtigt, jederzeit ohne Zustimmung terms and conditions as the Notes in all respects der Gläubiger weitere Schuldverschreibungen (or in all respects except for the Issue Date, mit in jeder Hinsicht gleicher Ausstattung interest commencement date and/or issue price) (gegebenenfalls mit Ausnahme des jeweiligen so as to form a single series with the Notes. Begebungstags, des Verzinsungsbeginns und/oder des Ausgabepreises) in der Weise zu begeben, dass sie mit diesen Schuldverschreibungen eine einheitliche Serie bilden. (2) Purchases. The Issuer and the Guarantor may at (2) Ankauf. Die Emittentin und die Garantin sind any time purchase Notes in the open market or berechtigt, jederzeit Schuldverschreibungen im otherwise and at any price. Notes purchased by Markt oder anderweitig zu jedem beliebigen the Issuer or the Guarantor may, at the option of Preis zu kaufen. Die von der Emittentin bzw. der the Issuer and the Guarantor, be held, resold or Garantin erworbenen Schuldverschreibungen surrendered to the Paying Agent for cancellation. können nach Wahl der Emittentin und der Garantin von ihr gehalten, weiterverkauft oder bei der Zahlstelle zwecks Entwertung eingereicht werden. (3) Cancellation. All Notes redeemed in full shall be (3) Entwertung. Sämtliche vollständig cancelled forthwith and may not be reissued or zurückgezahlten Schuldverschreibungen sind resold. unverzüglich zu entwerten und können nicht wiederbegeben oder wiederverkauft werden. § 14 AMENDMENTS OF THE TERMS AND § 14 ÄNDERUNGEN DER CONDITIONS BY RESOLUTIONS OF EMISSIONSBEDINGUNGEN DURCH HOLDERS, HOLDERS' BESCHLÜSSE DER GLÄUBIGER; REPRESENTATIVE GEMEINSAMER VERTRETER (1) Amendment of the Terms and Conditions. The (1) Änderung der Emissionsbedingungen. Die Issuer may agree with the Holders on Emittentin kann mit den Gläubigern Änderungen amendments to the Terms and Conditions or on der Emissionsbedingungen oder sonstige other matters by virtue of a majority resolution Maßnahmen durch Mehrheitsbeschluss der of the Holders pursuant to sections 5 et seqq. of Gläubiger nach Maßgabe der §§ 5 ff. des the German Act on Issues of Debt Securities Gesetzes über Schuldverschreibungen aus (Gesetz über Schuldverschreibungen aus Gesamtemissionen ("SchVG") in seiner jeweils Gesamtemissionen – "SchVG"), as amended geltenden Fassung beschließen. Die Gläubiger from time to time. In particular, the Holders may können insbesondere einer Änderung consent to amendments which materially change wesentlicher Inhalte der Emissionsbedingungen,

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the substance of the Terms and Conditions, einschließlich der in § 5 Abs. 3 SchVG including such measures as provided for under vorgesehenen Maßnahmen durch Beschlüsse mit section 5 paragraph 3 of the SchVG by den in dem nachstehenden § 14(2) genannten resolutions passed by such majority of the votes Mehrheiten zustimmen. Ein ordnungsgemäß of the Holders as stated under § 14(2) below. A gefasster Mehrheitsbeschluss ist für alle duly passed majority resolution shall be binding Gläubiger gleichermaßen verbindlich. equally upon all Holders. (2) Majority. Except as provided by the following (2) Mehrheit. Vorbehaltlich des nachstehenden sentence and provided that the quorum Satzes und der Erreichung der erforderlichen requirements are being met, the Holders may Beschlussfähigkeit, beschließen die Gläubiger pass resolutions by simple majority of the voting mit der einfachen Mehrheit der an der rights participating in the vote. Resolutions Abstimmung teilnehmenden Stimmrechte. which materially change the substance of the Beschlüsse, durch welche der wesentliche Inhalt Terms and Conditions, in particular in the cases der Emissionsbedingungen, insbesondere in den of section 5 paragraph 3 numbers 1 through 9 of Fällen des § 5 Abs. 3 Nr. 1 bis 9 SchVG, the SchVG, or relating to material other matters geändert wird, oder sonstige wesentliche may only be passed by a majority of at least 75 Maßnahmen beschlossen werden bedürfen zu per cent. of the voting rights participating in the ihrer Wirksamkeit einer Mehrheit von vote (a "Qualified Majority"). mindestens 75 % der an der Abstimmung teilnehmenden Stimmrechte (eine "Qualifizierte Mehrheit"). (3) Passing of resolutions. The Holders can pass (3) Beschlussfassung. Die Gläubiger können resolutions in a meeting Beschlüsse in einer Gläubigerversammlung (Gläubigerversammlung) in accordance with gemäß §§ 5 ff. SchVG oder im Wege einer section 5 et seqq. of the SchVG or by means of a Abstimmung ohne Versammlung gemäß § 18 und vote without a meeting (Abstimmung ohne § 5 ff. SchVG fassen. Versammlung) in accordance with section 18 and section 5 et seqq. of the SchVG. (4) Meeting. If resolutions of the Holders shall be (4) Gläubigerversammlung. Falls Beschlüsse der made by means of a meeting the convening Gläubiger in einer Gläubigerversammlung notice (Einberufung) will provide for further gefasst werden, enthält die Bekanntmachung der details relating to the resolutions and the voting Einberufung nähere Angaben zu den Beschlüssen procedure. The subject matter of the vote as well und zu den Abstimmungsmodalitäten. Die as the proposed resolutions shall be notified to Gegenstände und Vorschläge zur the Holders together with the convening notice. Beschlussfassung werden den Gläubigern mit der Attendance at the meeting and exercise of voting Bekanntmachung der Einberufung bekannt rights is subject to the Holders' registration. The gemacht. Die Teilnahme an der registration must be received at the address Gläubigerversammlung und die Ausübung der stated in the convening notice no later than the Stimmrechte ist von einer vorherigen Anmeldung third day preceding the meeting. As part of the der Gläubiger abhängig. Die Anmeldung muss registration, Holders must demonstrate their unter der in der Bekanntmachung der eligibility to participate in the vote by means of a Einberufung mitgeteilten Adresse spätestens am special confirmation of the Custodian in dritten Tag vor der Gläubigerversammlung accordance with §17(3)(i)(a) and (b) hereof in zugehen. Mit der Anmeldung müssen die text form and by submission of a blocking Gläubiger ihre Berechtigung zur Teilnahme an instruction by the Custodian stating that the der Abstimmung durch einen in Textform relevant Notes are not transferable from and erstellten besonderen Nachweis der Depotbank including the day such registration has been sent gemäß §17(3)(i)(a) und (b) und durch Vorlage until and including the stated end of the meeting. eines Sperrvermerks der Depotbank, aus dem

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hervorgeht, dass die betreffenden Schuldverschreibungen ab dem Tag der Absendung der Anmeldung (einschließlich) bis zum angegebenen Ende der Gläubigerversammlung (einschließlich) nicht übertragbar sind, nachweisen. (5) Vote without a meeting. If resolutions of the (5) Abstimmung ohne Versammlung. Falls Holders shall be made by means of a vote Beschlüsse der Gläubiger im Wege einer without a meeting the request for voting Abstimmung ohne Versammlung gefasst werden, (Aufforderung zur Stimmabgabe) will provide enthält die Aufforderung zur Stimmabgabe for further details relating to the resolutions and nähere Angaben zu den Beschlüssen und zu den the voting procedure. The subject matter of the Abstimmungsmodalitäten. Die Gegenstände und vote as well as the proposed resolutions shall be Vorschläge zur Beschlussfassung werden den notified to the Holders together with the request Gläubigern mit der Aufforderung zur for voting. The exercise of voting rights is Stimmabgabe bekannt gemacht. Die Ausübung subject to the Holders' registration. The der Stimmrechte ist von einer vorherigen registration must be received at the address Anmeldung der Gläubiger abhängig. Die stated in the request for voting no later than the Anmeldung muss unter der in der Aufforderung third day preceding the beginning of the voting zur Stimmabgabe mitgeteilten Adresse spätestens period. As part of the registration, Holders must am dritten Tag vor Beginn des demonstrate their eligibility to participate in the Abstimmungszeitraums zugehen. Mit der vote by means of a special confirmation of the Anmeldung müssen die Gläubiger ihre Custodian in accordance with §17(3)(i)(a) and Berechtigung zur Teilnahme an der Abstimmung (b) hereof in text form and by submission of a durch einen in Textform erstellten besonderen blocking instruction by the Custodian stating that Nachweis der Depotbank gemäß § 17(3)(i)(a) the relevant Notes are not transferable from and und (b) und durch Vorlage eines Sperrvermerks including the day such registration has been sent der Depotbank, aus dem hervorgeht, dass die until and including the day the voting period betreffenden Schuldverschreibungen ab dem Tag ends. der Absendung der Anmeldung (einschließlich) bis zum letzten Tag des Abstimmungszeitraums (einschließlich) nicht übertragbar sind, nachweisen. (6) Second meeting. If it is ascertained that no (6) Zweite Versammlung. Wird für die quorum exists for the meeting pursuant to Gläubigerversammlung gemäß § 14(4) oder die § 14(4) or the vote without a meeting pursuant to Abstimmung ohne Versammlung gemäß § 14(5) § 14(5), in case of a meeting the chairman die mangelnde Beschlussfähigkeit festgestellt, (Vorsitzender) may convene a second meeting in kann - im Fall der Gläubigerversammlung - der accordance with section 15 paragraph 3 Vor-sitzende eine zweite Versammlung im Sinne sentence 2 of the SchVG or in case of a vote von § 15 Abs. 3 Satz 2 SchVG und - im Fall der without a meeting the scrutineer Abstimmung ohne Versammlung - der (Abstimmungsleiter) may convene a second Abstimmungsleiter eine zweite Versammlung im meeting within the meaning of section 15 Sinne von § 15 Abs. 3 Satz 3 SchVG einberufen. paragraph 3 sentence 3 of the SchVG. Die Teilnahme an der zweiten Versammlung und Attendance at the second meeting and exercise die Ausübung der Stimmrechte sind von einer of voting rights is subject to the Holders' vorherigen Anmeldung der Gläubiger abhängig. registration. The registration must be received at Die Anmeldung muss unter der in der the address stated in the convening notice no Bekanntmachung der Einberufung mitgeteilten later than the third day preceding the second Adresse spätestens am dritten Tag vor der meeting. As part of the registration, Holders zweiten Versammlung zugehen. Mit der

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must demonstrate their eligibility to participate Anmeldung müssen die Gläubiger ihre in the vote by means of a special confirmation of Berechtigung zur Teilnahme an der Abstimmung the Custodian in accordance with §17(3)(i)(a) durch einen in Textform erstellten besonderen and (b) hereof in text form and by submission of Nachweis der Depotbank gemäß §17(3)(i)(a) und a blocking instruction by the Custodian stating (b) und durch Vorlage eines Sperrvermerks der that the relevant Notes are not transferable from Depotbank, aus dem hervorgeht, dass die and including the day such registration has been betreffenden Schuldverschreibungen ab dem Tag sent until and including the stated end of the der Absendung der Anmeldung (einschließlich) meeting. bis zum angegebenen Ende der Gläubigerversammlung (einschließlich) nicht übertragbar sind, nachweisen. (7) Holders' representative. The Holders may by (7) Gemeinsamer Vertreter. Die Gläubiger können majority resolution provide for the appointment durch Mehrheitsbeschluss die Bestellung oder or dismissal of a holders' representative (the Abberufung eines gemeinsamen Vertreters (der "Holders' Representative"), the duties and "Gemeinsame Vertreter"), die Aufgaben und responsibilities and the powers of such Holders' Befugnisse des Gemeinsamen Vertreters, die Representative, the transfer of the rights of the Übertragung von Rechten der Gläubiger auf den Holders to the Holders' Representative and a Gemeinsamen Vertreter und eine Beschränkung limitation of liability of the Holders' der Haftung des Gemeinsamen Vertreters Representative. Appointment of a Holders' bestimmen. Die Bestellung eines Gemeinsamen Representative may only be passed by a Vertreters bedarf einer Qualifizierten Mehrheit, Qualified Majority if such Holders' wenn er ermächtigt werden soll, Änderungen des Representative is to be authorised to consent, in wesentlichen Inhalts der Emissionsbedingungen accordance with § 14(2) hereof, to a material oder sonstigen wesentlichen Maßnahmen gemäß change in the substance of the Terms and § 14(2) zuzustimmen. Conditions or other material matters. (8) Publication. Any notices concerning this § 14 (8) Veröffentlichung. Bekanntmachungen betreffend shall be made exclusively pursuant to the diesen § 14 erfolgen ausschließlich gemäß den provisions of the SchVG. Bestimmungen des SchVG. (9) Amendments of the Guarantee. The provisions (9) Änderung der Garantie. Die oben aufgeführten set out above applicable to the Notes shall apply auf die Schuldverschreibungen anwendbaren mutatis mutandis to the Guarantee. Bestimmungen gelten entsprechend für die Bestimmungen der Garantie. § 15 NOTICES § 15 MITTEILUNGEN [In the case of Notes which are listed on the [Im Falle von Schuldverschreibungen, die an Luxembourg Stock Exchange the following der Luxemburger Börse notiert werden, gilt applies: folgendes: (1) Publication. All notices concerning the Notes (1) Bekanntmachung. Alle die will be made by means of electronic publication Schuldverschreibungen betreffenden on the internet website of the Luxembourg Stock Mitteilungen sind auf der Internetseite der Exchange (www.bourse.lu). Any notice will be Luxemburger Börse (www.bourse.lu) deemed to have been validly given on the third elektronisch zu veröffentlichen. Jede derartige day following the date of such publication (or, if Mitteilung gilt mit dem dritten Tag nach dem Tag published more than once, on the third day der Veröffentlichung (oder bei mehrfacher following the date of the first such publication). Veröffentlichungen mit dem dritten Tag nach dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt. (2) Notification to Clearing System. So long as any (2) Mitteilungen an das Clearingsystem. Solange

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Notes are listed on the Luxembourg Stock Schuldverschreibungen an der Luxemburger Exchange, § 15(1) shall apply. If the Rules of the Börse notiert sind, findet § 15(1) Anwendung. Luxembourg Stock Exchange so permit, the Soweit die Regeln der Luxemburger Börse dies Issuer may deliver the relevant notice to the zulassen, kann die Emittentin eine Clearing System for communication by the Veröffentlichung nach Absatz (1) durch eine Clearing System to the Holders, in lieu of Mitteilung an das Clearingsystem zur publication as set forth in subparagraph (1) Weiterleitung an die Gläubiger ersetzen; jede above; any such notice shall be deemed to have derartige Mitteilung gilt am fünften Tag nach been given on the fifth day after the day on dem Tag der Mitteilung an das Clearingsystem which the said notice was given to the Clearing als den Gläubigern mitgeteilt.] System.] [In the case of Notes which are unlisted or [Im Falle von Schuldverschreibungen, die nicht listed on a stock exchange other than the oder an einer anderen Börse als die Luxembourg Stock Exchange the following Luxemburger Börse notiert werden, gilt applies: folgendes: (1) Publications. All notices concerning the Notes (1) Bekanntmachungen. Alle die except as stipulated in § 14(6) shall be published Schuldverschreibungen betreffenden electronically in the Federal Gazette Mitteilungen, außer nach Maßgabe von § 14(6), (Bundesanzeiger) [and so long as the Notes are sind elektronisch im Bundesanzeiger [und, admitted to trading on [stock exchange other solange die Schuldverschreibungen an der than the Luxembourg Stock Exchange] and if [andere Börse als die Luxemburger Börse] zum the rules of such stock exchange so require Handel zugelassen sind und soweit dies die [in/under/●] [newspaper or website]]. Any Regeln dieser Börse verlangen, [in/unter/●] notice so given will be deemed to be validly [Zeitung oder Internetseite]] zu veröffentlichen. given on the third calendar day following the Jede derartige Mitteilung gilt mit dem dritten date of such publication (or, if published more Kalendertag nach dem Tag der Veröffentlichung than once, on the third calendar day following (oder bei mehrfacher Veröffentlichungen mit dem the date of the first such publication). dritten Kalendertag nach dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt. (2) Notification to the Clearing System. The Issuer (2) Mitteilungen an das Clearingsystem. Die may, in lieu of publication set forth in § 15(1) Emittentin ist berechtigt, eine Veröffentlichung above, deliver the relevant notice to the Clearing nach vorstehendem § 15(1) durch eine Mitteilung System, for communication by the Clearing an das Clearingsystem zur Weiterleitung an die System to the Holders, provided that the rules of Gläubiger zu ersetzen, vorausgesetzt, dass die the stock exchange on which the Notes are listed Regeln der Börse, an der die (if applicable) permit such form of notice. Any Schuldverschreibungen ggf. notiert sind, diese such notice shall be deemed to have been given Form der Mitteilung zulassen. Jede derartige to the Holders on the fifth day after the day on Mitteilung gilt am fünften Tag nach dem Tag der which the said notice was given to the Clearing Mitteilung an das Clearingsystem als den System.] Gläubigern mitgeteilt.] (3) Notification to the Issuer. Notices to be given by (3) Mitteilungen an die Emittentin. Mitteilungen any Holder to the Issuer shall be made by means eines Gläubigers an die Emittentin haben in der of a written declaration to be delivered by hand Weise zu erfolgen, dass der Gläubiger der or registered mail to the Paying Agent. Zahlstelle eine entsprechende schriftliche Erklärung übergibt oder durch eingeschriebenen Brief übermittelt.

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§ 16 DEFINITIONS § 16 DEFINITIONEN "Additional Amounts" has the meaning "Zusätzliche Beträge" hat die diesem Begriff in assigned to such term in § 8. § 8 zugewiesene Bedeutung. "Affiliate" has the meaning assigned to such "Verbundenes Unternehmen" hat die diesem term in § 12(1). Begriff in § 12(1) zugewiesene Bedeutung. [If the Notes are subject to Early Redemption at [Falls die Emittentin das Wahlrecht hat, die the Option of the Issuer at Call Redemption Schuldverschreibungen zu zum Wahl- Amount the following applies: Rückzahlungsbetrag vorzeitig zurück zu zahlen, gilt folgendes: "Applicable Premium" has the meaning "Anwendbare Prämie" hat die diesem Begriff in assigned to such term in § 6(3). § 6(3) zugewiesene Bedeutung. "Benchmark Yield" has the meaning assigned "Benchmark-Rendite" hat die diesem Begriff in to such term in § 6(3).] § 6(3) zugewiesene Bedeutung.] "Business Day" has the meaning assigned to "Geschäftstag" hat die diesem Begriff in § 5(4) such term in § 5(4). zugewiesene Bedeutung. [In the case of Early Redemption at the Option [Falls die Emittentin das Wahlrecht hat, die of the Issuer at the Call Redemption Amount: Schuldverschreibungen zu zum Wahl- "Calculation Agent" has the meaning assigned Rückzahlungsbetrag vorzeitig zurück zu zahlen: to such term in § 7(1).] "Berechnungsstelle" hat die diesem Begriff in § 7(1) zugewiesene Bedeutung.] "Calculation Period" has the meaning assigned "Zinsberechnungszeitraum" hat die diesem to such term in § 4(4). Begriff in § 4(4) zugewiesene Bedeutung. [If the Notes are subject to Early Redemption at [Falls die Emittentin das Wahlrecht hat, die the Option of the Issuer at Call Redemption Schuldverschreibungen zu zum Wahl- Amount, the following applies: Rückzahlungsbetrag vorzeitig zurück zu zahlen, gilt folgendes: "Call Redemption Amount" has the meaning "Wahl-Rückzahlungsbetrag" hat die diesem assigned to such term in § 6(3). Begriff in § 6(3) zugewiesene Bedeutung. "Call Redemption Date" has the meaning "Wahl-Rückzahlungstag" hat die diesem assigned to such term in § 6(3).] Begriff in § 6(3) zugewiesene Bedeutung.] "Capital Market Indebtedness" means any "Kapitalmarktverbindlichkeit" bezeichnet jede present or future obligation for the payment of gegenwärtige oder künftige Verbindlichkeit zur borrowed money (including obligations by Rückzahlung aufgenommener Geldbeträge reason of any guarantee or other liability (einschließlich Verbindlichkeiten aus Garantien agreement for such obligations of third parties) oder sonstigen Haftungsvereinbarungen für which is in the form of, or represented by, bonds, solche Verbindlichkeiten Dritter), die in Form notes or other securities which are capable of von Anleihen, Schuldverschreibungen oder being quoted, listed, dealt in or traded on a stock sonstigen Wertpapieren, die an einer Börse, exchange, over-the-counter-market or other einem außerbörslichen Markt oder an einem recognised securities market. anderen anerkannten Wertpapiermarkt notiert, zugelassen oder gehandelt werden können, verbrieft, verkörpert oder dokumentiert ist. [In case of CBF as Clearing System, the [Bei CBF als Clearingsystem gilt folgendes: following applies: "CBF" has the meaning "CBF" hat die diesem Begriff in § 1(4) assigned to such term in § 1(4).] zugewiesene Bedeutung.] [In case of CBL as Clearing System, the [Bei CBL als Clearingsystem gilt folgendes:

137 following applies: "CBL" has the meaning "CBL" hat die diesem Begriff in § 1(4) assigned to such term in § 1(4).] zugewiesene Bedeutung.] [In the case of Notes kept in custody on behalf [Im Fall von Schuldverschreibungen, die im of the ICSDs and the Global Note is a CGN, the Namen der ICSDs verwahrt werden und falls following applies: "CGN" has the meaning die Globalurkunde eine CGN ist gilt folgendes: assigned to such term in § 1(4).] "CGN" hat die diesem Begriff in § 1(4) zugewiesene Bedeutung.] "Change of Control" has the meaning assigned "Kontrollwechsel" hat die diesem Begriff in to such term in § 6[(4)](a). § 6[(4)](a) zugewiesene Bedeutung. "Change of Control Put Date" has the meaning "Kontrollwechsel-Rückzahlungstag" hat die assigned to such term in § 6[(4)](c). diesem Begriff in § 6[(4)](c) zugewiesene Bedeutung. "Change of Control Put Event Notice" has the "Kontrollwechsel- Rückzahlungsereignis- meaning assigned to such term in § 6[(4)](b). Mitteilung" hat die diesem Begriff in § 6[(4)](b) zugewiesene Bedeutung. "Change of Control Put Notice" has the "Kontrollwechsel-Ausübungserklärung" hat meaning assigned to such term in § 6[(4)](c). die diesem Begriff in § 6[(4)](c) zugewiesene Bedeutung. "Change of Control Put Option" has the "Kontrollwechsel-Gläubiger- meaning assigned to such term in § 6[(4)](a). Rückzahlungswahlrecht" hat die diesem Begriff in § 6[(4)](a) zugewiesene Bedeutung. "Change of Control Put Period" has the "Kontrollwechsel-Ausübungszeitraum" hat die meaning assigned to such term in § 6[(4)](c). diesem Begriff in § 6[(4)](c) zugewiesene Bedeutung. "Code" has the meaning assigned to such term in "Code" hat die diesem Begriff in § 5(7) § 5(7). zugewiesene Bedeutung. "Consolidated Adjusted EBITDA" means the "Konsolidiertes Bereinigtes EBITDA" number set out under the heading "EBITDA bezeichnet den unter der Überschrift "EBITDA (adjusted)" in the Consolidated Financial (bereinigt um Sondereinflüsse)" im Statements of the Guarantor covering the Konzernabschluss der Garantin für den applicable Relevant Period. jeweiligen Maßgeblichen Zeitraum angegebenen Zahlenwert. "Consolidated Coverage Ratio" means the ratio "Konsolidierter Deckungsgrad" bezeichnet das of (A) the aggregate amount of Consolidated Verhältnis (A) des Gesamtbetrags des Adjusted EBITDA in the Relevant Period to Konsolidierten Bereinigten EBITDA im (B) the aggregate amount of Net Cash Interest in Maßgeblichen Zeitraum zu (B) dem the Relevant Period. Gesamtbetrag des Zinszahlungssaldos im Maßgeblichen Zeitraum. "Consolidated Financial Indebtedness" means "Konsolidierte Finanzverbindlichkeiten" Financial Indebtedness of the Guarantor and any bezeichnet die nach IFRS ermittelten of its Subsidiaries, on a consolidated basis Finanzverbindlichkeiten der Garantin und ihrer determined in accordance with IFRS. Tochtergesellschaften auf konsolidierter Basis. "Consolidated Financial Statements" means, "Konzernabschluss" bezeichnet in Bezug auf with respect to any Person, collectively, the eine Person zusammenfassend den nach IFRS consolidated financial statements and notes to erstellten Konzernabschluss mit Anhang für diese those financial statements, of that Person and its Person und ihre Tochterunternehmen.

138 subsidiaries prepared in accordance with IFRS. "Consolidated Secured Financial "Besicherte Konsolidierte Indebtedness" means that portion of the Finanzverbindlichkeiten" bezeichnet den Teil Consolidated Financial Indebtedness of the der Konsolidierten Finanzverbindlichkeiten der Group that is secured by a Lien on properties or Gruppe, der mit Sicherungsrechten an other assets of the Guarantor or any of its Immobilien oder sonstigen Vermögenswerten der Subsidiaries. Garantin oder ihrer Tochtergesellschaften besichert ist. "Control" has the meaning assigned to such "Kontrolle" hat die diesem Begriff in § 6[(4)](a) term in § 6[(4)](a). zugewiesene Bedeutung. "Controlled Subsidiary" has the meaning "Abhängige Tochtergesellschaft" hat die diesem assigned to such term in § 6[(4)](a). Begriff in § 6[(4)](a) zugewiesene Bedeutung. "Custodian" has the meaning assigned to such "Depotbank" hat die diesem Begriff in § 17(3) term in § 17(3). zugewiesene Bedeutung. "Day Count Fraction" has the meaning "Zinstagequotient" hat die diesem Begriff in assigned to such term in § 4(4). § 4(4) zugewiesene Bedeutung. [If the Specified Currency is Euro and if [Falls die Festgelegte Währung Euro ist, und Actual/Actual (ICMA) is applicable, the falls Actual/Actual (ICMA) anwendbar ist, gilt following applies: folgendes: "Determination Date" has the meaning "Feststellungstermin" hat die diesem Begriff in assigned to such term in § 4(3).] § 4(3) zugewiesene Bedeutung.] [In case of Euroclear as Clearing System, the [Bei Euroclear als Clearingsystem gilt following applies: "Euroclear" has the meaning folgendes: "Euroclear" hat die diesem Begriff in assigned to such term in § 1(4).] § 1(4) zugewiesene Bedeutung.] "Event of Default" has the meaning assigned to "Kündigungsgrund" hat die diesem Begriff in such term in § 10(1). § 10(1) zugewiesene Bedeutung. "Exchange Date" has the meaning assigned to "Austauschtag" hat die diesem Begriff in such term in § 1(3)(b) § 1(3)(b) zugewiesene Bedeutung. "Financial Indebtedness" means (without "Finanzverbindlichkeiten" bezeichnet (unter duplication) any indebtedness (excluding any Ausschluss einer Doppelberücksichtigung) alle indebtedness owed to another member of the Verbindlichkeiten (ausgenommen solche Group) for or in respect of: gegenüber anderen Mitgliedern der Gruppe) für oder in Bezug auf: (i) money borrowed; (i) aufgenommene Gelder; (ii) any amount raised by acceptance under any (ii) alle aus Akzepten im Rahmen von acceptance credit facility or dematerialised Akzeptkreditfazilitäten oder equivalent; dematerialisierten Vergleichbaren aufgenommenen Beträge; (iii) any amount raised pursuant to any note (iii) alle aus Fazilitäten für die Emission purchase facility or the issue of bonds, kurzfristiger Schuldtitel oder aus der notes, commercial papers, debentures, loan Begebung von Anleihen, stock or any similar instrument; Schuldverschreibungen, Commercial Paper oder sonstigen Schuldtiteln oder vergleichbaren Instrumenten aufgenommenen Beträge;

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(iv) receivables sold or discounted (other than (iv) veräußerte oder diskontierte Forderungen any receivables to the extend they are sold (mit Ausnahme von Forderungen, die on a non-recourse basis); regresslos verkauft werden); (v) any amount raised under any other (v) die Aufnahme von Beträgen im Rahmen transaction (including any forward sale or anderer Transaktionen (einschließlich purchase agreement) having the Terminverkauf oder -kauf), die commercial effect of a borrowing, but wirtschaftlich einer Kreditaufnahme excluding bank guarantee facilities (as gleichkommen, ausgenommen jedoch amended from time to time) made or to be Bankgarantie-Fazilitäten (wie jeweils made available by financial institutions to geändert), die der Garantin oder einer the Guarantor or a Subsidiary under which Tochtergesellschaft von Finanzinstituten the Guarantor or the respective Subsidiary gewährt werden oder gewährt werden may request the issue of a bank guarantee sollen und in deren Rahmen die Garantin or bank guarantees in favour of a person bzw. die jeweilige Tochtergesellschaft die who agrees to purchase a Real Estate Ausstellung einer oder mehrerer Property owned by the Guarantor or a Bankgarantien zugunsten einer Person Subsidiary; verlangen kann, die sich zum Erwerb von Immobilienvermögen von der Garantin oder einer Tochtergesellschaft verpflichtet hat; (vi) any counter-indemnity obligation in (vi) einen Aufwendungsersatzanspruch in respect of a guarantee, indemnity, bond, Bezug auf eine Bürgschaft, eine standby or documentary letter of credit or Freistellungsverpflichtung, eine Garantie, any other instrument issued by a bank or ein Standby- oder Dokumentenakkreditiv financial institution; and oder ein anderes von einer Bank oder einem Finanzinstitut ausgestelltes Instrument; und (vii) the amount of any liability in respect of (vii) Verbindlichkeiten aus einer Garantie, any guarantee or indemnity for any of the Bürgschaft oder Freistellungsverpflichtung items referred to in paragraphs (i) to (vi) in Bezug auf Verbindlichkeiten der in den above. vorstehenden Absätzen (i) bis (vi) genannten Art. "Global Note" has the meaning assigned to such "Globalurkunde" hat die diesem Begriff in term in § 1(3). § 1(3) zugewiesene Bedeutung. "Group" means the Guarantor together with its "Gruppe" bezeichnet die Garantin und ihre Subsidiaries. Tochtergesellschaften. "Guarantee" has the meaning assigned to such "Garantie" hat die diesem Begriff in § 2(2) term in § 2(2). zugewiesene Bedeutung. "Guarantor" has the meaning assigned to such "Garantin" hat die diesem Begriff in § 2(2) term in § 2(2). zugewiesene Bedeutung. "Holder" has the meaning assigned to such term "Gläubiger" hat die diesem Begriff in § 1(5) in § 1(5). zugewiesene Bedeutung. "Holders' Representative" has the meaning "Gemeinsamer Vertreter" hat die diesem assigned to such term in § 14(5). Begriff in § 14(5) zugewiesene Bedeutung. [In case of CBL and Euroclear as Clearing [Bei CBL und Euroclear als Clearingsystem gilt System, the following applies: "ICSD" and folgendes: "ICSD" und "ICSDs" hat die diesem "ICSDs" has the meaning assigned to such term Begriff in § 1(4) zugewiesene Bedeutung.] in § 1(4).]

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"IFRS" means the International Financial "IFRS" bezeichnet die nach der EU Reporting Standards as adopted by the European anwendbaren International Financial Reporting Union and as published by the International Standards des International Accounting Accounting Standards Board, as in effect from Standards Board in jeweils geltender Fassung. time to time. "Incur" means, with respect to any Financial "Eingehen" bezeichnet in Bezug eine Indebtedness or other obligation of any Person, Finanzverbindlichkeit oder eine sonstige to create, assume, guarantee or otherwise Verbindlichkeit einer Person die Begründung, become liable in respect of such Financial Übernahme, die Abgabe einer Garantie oder Indebtedness or other obligation, and Bürgschaft dafür oder eine anderweitige "incurrence" and "incurred" have the meanings Übernahme der Haftung für diese correlative to the foregoing. Finanzverbindlichkeit oder sonstige Verbindlichkeit; das "Eingehen" bzw. "eingegangen" sind entsprechend auszulegen. "Interest Commencement Date" has the "Verzinsungsbeginn" hat die diesem Begriff in meaning assigned to such term in § 4(1). § 4(1) zugewiesene Bedeutung. "Interest Payment Date" has the meaning "Zinszahlungstag" hat die diesem Begriff in assigned to such term in § 4(1). § 4(1) zugewiesene Bedeutung. "Issue Date" has the meaning assigned to such "Begebungstag" hat die diesem Begriff in § 1(1) term in § 1(1). zugewiesene Bedeutung. "Issuer" has the meaning assigned to such term "Emittentin" hat die diesem Begriff in § 1(1) in § 1(1). zugewiesene Bedeutung. "Lien" means (without duplication) any lien, "Sicherungsrecht" bezeichnet (unter Ausschluss mortgage, trust deed, deed of trust, deed, pledge, einer Doppelberücksichtigung) Sicherungsrechte, security interest, assignment for collateral Grundpfandrechte, Sicherung-Treuhandverträge purposes, deposit arrangement, or other security (trust-deed oder deed of trust), Sicherungs- agreement, excluding any right of setoff but Urkunden (deed), Pfandrechte, including, without limitation, any conditional Verpfändungsvereinbarungen, sale or other title retention agreement, any Sicherungsabtretungen, financing lease having substantially the same Sicherungsübereignungen, economic effect as any of the foregoing, and any Hinterlegungsvereinbarungen oder sonstige other like agreement granting or conveying a Sicherungsabreden, ausgenommen Rechte zur security interest in rem (dingliches Aufrechnung, jedoch u. a. einschließlich bedingte Sicherungsrecht), to a Person that is not a Kaufverträge oder Vereinbarungen mit member of the Group, in each case to secure Eigentumsvorbehalt, outstanding Financial Indebtedness, but in each Finanzierungsleasingverträge, die wirtschaftlich case excluding im Wesentlichen den vorgenannten Vereinbarungen gleichkommen, sowie sonstige Vereinbarungen, die ein dingliches Sicherungsrecht gewähren oder übertragen, und zwar einer Person, die nicht Mitglied der Gruppe ist, jeweils zur Besicherung ausstehender Finanzverbindlichkeiten, jedoch keine (i) any encumbrance registered in (i) in Abteilung 2 eines deutschen Grundbuchs department 2 (Abteilung 2) of a German eingetragene Belastungen; land register (Grundbuch); (ii) any Lien arising in connection with a (ii) Sicherungsrechte, die im Zusammenhang

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disposal of an asset in the ordinary course mit der Veräußerung eines Vermögenswerts of business including, without limitation, im Rahmen der gewöhnlichen any Lien created in assets subject to a sale Geschäftstätigkeit entstehen, u. a. agreement for the purposes of financing the Sicherungsrechte an Vermögenswerten, die purchase price; Gegenstand eines Kaufvertrags sind, zur Finanzierung des Kaufpreises; (iii) any Lien securing Financial Indebtedness (iii) Sicherungsrechte, die zum Begebungstag outstanding on the Issue Date; ausstehende Finanzverbindlichkeiten besichern; (iv) any Lien in respect of which an (iv) Sicherungsrechte, für die dem unconditional deletion consent maßgeblichen Mitglied der Gruppe eine (Löschungsbewilligung) has been delivered unbedingte Löschungsbewilligung to the relevant member of the Group; übermittelt wurde; (v) any Lien arising by operation of law (or by (v) Sicherungsrechte, die kraft Gesetzes (oder agreement having the same effect) or in the kraft einer Vereinbarung mit derselben ordinary course of business, provided that Wirkung) oder im Rahmen der any Lien arising in the ordinary course of gewöhnlichen Geschäftstätigkeit entstehen, business over Real Estate Property shall wobei im Rahmen der gewöhnlichen not be excluded; Geschäftstätigkeit entstehende Sicherungsrechte an Immobilienvermögen jedoch nicht ausgeschlossen sind; (vi) any cash collateral posted in connection (vi) Barsicherheiten, die im Zusammenhang mit with cross-currency and interest rate Währungs- und hedging transactions; and Zinsabsicherungsgeschäften gestellt werden; und (vii) any Lien on bank accounts under general (vii) Sicherungsrechte an Bankkonten nach terms and conditions of any provider of Maßgabe der allgemeinen such bank accounts. Geschäftsbedingungen des Anbieters der Bankkonten. "Material Subsidiary" means any Subsidiary of "Wesentliche Tochtergesellschaft" bezeichnet the Guarantor whose total assets are at least eine Tochtergesellschaft der Garantin, deren equal to 5 per cent. of the total assets of the Bilanzsumme mindestens 5 % der Bilanzsumme Group. der Gruppe ausmacht. "Maturity Date" has the meaning assigned to "Fälligkeitstag" hat die diesem Begriff in § 6(1) such term in § 6(1). zugewiesene Bedeutung. "Net Cash Interest" means all interest and other "Zinszahlungssaldo" bezeichnet alle an financing charges accrued to persons who are not Personen, die nicht Mitglied der Gruppe sind, zu members of the Group less the amount of any zahlenden Zinsen und sonstigen interest and other financing charges accrued to Finanzierungskosten abzüglich des Betrags aller be received from persons who are not members von Personen, die nicht Mitglied der Gruppe of the Group, in each case, excluding any one- sind, zu erhaltenden Zinsen und sonstigen off financing charges (including without Finanzierungskosten, jeweils ausgenommen limitation, any one-off fees and/or break costs). einmalige Finanzierungskosten (u.a. einmalige Entgelte und/oder Vorfälligkeitsentschädigungen). "Net Nominal Financial Indebtedness" means "Nennbetrag der Finanzverbindlichkeiten the nominal amount of Financial Indebtedness (netto)" bezeichnet den Nennbetrag der

142 incurred minus the nominal amount of Financial eingegangenen Finanzverbindlichkeiten Indebtedness repaid. abzüglich des Nennbetrags der zurückgezahlten Finanzverbindlichkeiten. "Net Nominal Secured Financial "Nennbetrag der Besicherten Indebtedness" means the nominal amount of Finanzverbindlichkeiten (netto)" bezeichnet Secured Financial Indebtedness incurred minus den Nennbetrag der eingegangenen Besicherten the nominal amount of Secured Financial Finanzverbindlichkeiten abzüglich des Indebtedness repaid. Nennbetrags der zurückgezahlten Besicherten Finanzverbindlichkeiten. "Net Nominal Unsecured Financial "Nennbetrag der Unbesicherten Indebtedness" means the nominal amount of Finanzverbindlichkeiten (netto)" bezeichnet Unsecured Financial Indebtedness incurred den Nennbetrag der eingegangenen minus the nominal amount of Unsecured Unbesicherten Finanzverbindlichkeiten abzüglich Financial Indebtedness repaid. des Nennbetrags der zurückgezahlten Unbesicherten Finanzverbindlichkeiten. "Net Unencumbered Assets" means, on a "Unbelastetes Nettovermögen" bezeichnet den consolidated basis determined in accordance nach IFRS auf konsolidierter Basis ermittelten with IFRS, the value of any Real Estate Property Wert des erworbenen Immobilienvermögens der of the Guarantor and its Subsidiaries not subject Garantin und ihrer Tochtergesellschaften, das to any Lien acquired plus the value of all other nicht Gegenstand eines Sicherungsrechts ist, assets of the Guarantor and its Subsidiaries not zuzüglich des Werts aller sonstigen erworbenen subject to any Lien acquired minus the value of Vermögenswerte der Garantin und ihrer such assets which (i) have been disposed of or Tochtergesellschaften, die nicht Gegenstand (ii) have become subject to a Lien. eines Sicherungsrechts sind, abzüglich des Werts solcher Vermögenswerte, die (i) veräußert wurden oder (ii) Gegenstand eines Sicherungsrechts geworden sind. [In the case of Notes kept in custody on behalf [Im Fall von Schuldverschreibungen, die im of the ICSDs and the Global Note is an NGN, Namen der ICSDs verwahrt werden und falls the following applies: "NGN" has the meaning die Globalurkunde eine NGN ist gilt folgendes: assigned to such term in § 1(4).] "NGN" hat die diesem Begriff in § 1(4) zugewiesene Bedeutung.] "Notes" has the meaning assigned to such term "Schuldverschreibungen" hat die diesem in § 1(1). Begriff in § 1(1) zugewiesene Bedeutung. "Opinion of Counsel" means a written opinion "Rechtsgutachten" bezeichnet ein schriftliches from legal counsel. The counsel may be an Gutachten eines Rechtsberaters. Der employee of or counsel to the Guarantor. Rechtsberater kann Mitarbeiter oder externer Rechtsberater der Garantin sein. "Paying Agent" has the meaning assigned to "Zahlstelle" hat die diesem Begriff in § 7(1) such term in § 7(1). zugewiesene Bedeutung. "Person" means any individual, corporation, "Person" bezeichnet natürliche Personen, partnership, joint venture, association, joint stock Körperschaften, Personengesellschaften, Joint company, trust, unincorporated organisation, Ventures, Vereinigungen, Aktiengesellschaften, limited liability company or government (or any Trusts, nicht rechtsfähige Vereinigungen, agency or political subdivision thereof) or other Gesellschaften mit beschränkter Haftung, entity. staatliche Stellen (oder Behörden oder Gebietskörperschaften) oder sonstige

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Rechtsträger. [If the Notes are subject to Early Redemption at [Falls der Gläubiger ein Wahlrecht hat, die the Option of the Holder at specified vorzeitige Rückzahlung der redemption amount(s) the following applies: Schuldverschreibungen zu einem festgelegten Rückzahlungsbetrag bzw. festgelegten Rückzahlungsbeträgen zu verlangen, gilt folgendes: "Put Redemption Amount" has the meaning "Gläubigerwahl-Rückzahlungsbetrag" hat die assigned to such term in § 6[(5)](a). diesem Begriff in § 6[(5)](a) zugewiesene Bedeutung. "Put Redemption Date" has the meaning "Gläubigerwahl-Rückzahlungstag" hat die assigned to such term in § 6[(5)](a). diesem Begriff in § 6[(5)](a) zugewiesene Bedeutung. "Put Redemption Notice" has the meaning "Gläubigerwahl-Rückzahlungs- assigned to such term in § 6[(5)](b).] Ausübungserklärung" hat die diesem Begriff in § 6[(5)](b) zugewiesene Bedeutung.] "Qualified Majority" has the meaning assigned "Qualifizierte Mehrheit" hat die diesem Begriff to such term in § 14(2). in § 14(2) zugewiesene Bedeutung. "Real Estate Property" means the real estate "Immobilienvermögen" bezeichnet das property of such Person and its subsidiaries. Immobilienvermögen der betreffenden Person und ihrer Tochterunternehmen. [If the Notes are subject to Early Redemption at [Falls die Emittentin das Wahlrecht hat, die the Option of the Issuer at Call Redemption Schuldverschreibungen zu zum Wahl- Amount, the following applies: "Redemption Rückzahlungsbetrag vorzeitig zurück zu zahlen, Calculation Date" has the meaning assigned to gilt folgendes: "Rückzahlungs- such term in § 6(3).] Berechnungstag" hat die diesem Begriff in § 6(3) zugewiesene Bedeutung.] "Relevant Period" means the respective most "Maßgeblicher Zeitraum" bezeichnet die recent four consecutive quarters ending prior to letzten vier vor dem jeweiligen Tag der the respective date of determination of the Feststellung des Konsolidierten Deckungsgrads Consolidated Coverage Ratio. endenden aufeinanderfolgenden Quartale. "Relevant Taxing Jurisdiction" has the "Maßgebliche Steuerjurisdiktion" hat die meaning assigned to such term in § 8. diesem Begriff in § 8 zugewiesene Bedeutung. "Reporting Date" means 31 March, 30 June, "Berichtsstichtag" ist der 31. März, 30. Juni, 30 September and 31 December of each year. 30. September und 31. Dezember eines jeden Jahres. "SchVG" has the meaning assigned to such term "SchVG" hat die diesem Begriff in § 14(1) in § 14(1). zugewiesene Bedeutung. "Secured Financial Indebtedness" means that "Besicherte Finanzverbindlichkeiten" portion of the aggregate principal amount of all bezeichnet den Teil des Gesamtnennbetrags aller outstanding Financial Indebtedness of the Group ausstehenden Finanzverbindlichkeiten der that is secured by a Lien on properties or other Gruppe, der mit Sicherungsrechten an assets of the Group. Immobilien oder sonstigen Vermögenswerten der Gruppe besichert ist. "Securities Act" means the U.S. Securities Act "Securities Act" bezeichnet das US- of 1933, as amended. Wertpapiergesetz von 1933 (U.S. Securities Act

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of 1933) in seiner jeweils geltenden Fassung. "Securitised Capital Market Indebtedness" "Verbriefte Kapitalmarktverbindlichkeit" means any Capital Market Indebtedness incurred bezeichnet jede Kapitalmarktverbindlichkeit aus in respect of or in connection with any oder im Zusammenhang mit einer Verbriefung securitisation or similar financing arrangement oder vergleichbaren Finanzierungsvereinbarung relating to assets owned by the Guarantor or its in Bezug auf Vermögenswerte der Garantin oder Subsidiaries and where the recourse of the ihrer Tochtergesellschaften, bei der die holders of such Capital Market Indebtedness Rückgriffsrechte der Gläubiger der betreffenden against the Guarantor is limited solely to such Kapitalmarktverbindlichkeit auf die Garantin assets or any income generated therefrom. ausschließlich auf die betreffenden Vermögenswerte oder die daraus erzielten Erträge beschränkt ist. "Specified Denomination" has the meaning "Festgelegte Stückelung" hat die diesem Begriff assigned to such term in § 1(1). in § 1(1) zugewiesene Bedeutung. "Subsidiary" means any Person that must be "Tochtergesellschaft" bezeichnet jede Person, consolidated with the Guarantor for the purposes die bei der Erstellung der Konzernabschlüsse der of preparing Consolidated Financial Statements Garantin mit ihr konsolidiert werden muss. of the Guarantor. "Substitute Debtor" has the meaning assigned "Nachfolgeschuldnerin" hat die diesem Begriff to such term in § 12(1). in § 12(1) zugewiesene Bedeutung. "Substitution Guarantee" has the meaning "Ersetzungsgarantie" hat die diesem Begriff in assigned to such term in § 12(1)(b). § 12(1)(b) zugewiesene Bedeutung. "Termination Notice" has the meaning assigned "Kündigungserklärung" hat die diesem Begriff to such term in §10(2). in §10(2) zugewiesene Bedeutung. "Total Assets" means the value of the "Bilanzsumme" bezeichnet den Wert der consolidated total assets of the Guarantor and its konsolidierten Bilanzsumme der Garantin und Subsidiaries, as such amount appears, or would ihrer Tochtergesellschaften, der in einer nach appear, on a consolidated balance sheet of the IFRS erstellten konsolidierten Bilanz der Guarantor prepared in accordance with IFRS, Garantin erscheint oder erscheinen würde, wobei provided that "Total Assets" shall include the die "Bilanzsumme" die Zuflüsse aus den proceeds of the Financial Indebtedness or einzugehenden Finanzverbindlichkeiten oder Secured Financial Indebtedness to be incurred. Besicherten Finanzverbindlichkeiten einschließt. "Unencumbered Assets" means without "Unbelastetes Vermögen" bezeichnet ohne duplication, (i) the value of any Real Estate doppelte Berücksichtigung (i) den nach IFRS auf Property, on a consolidated basis determined in konsolidierter Basis ermittelten Wert des accordance with IFRS, of the Guarantor and its Immobilienvermögens der Garantin und ihrer Subsidiaries that is not subject to any Lien, plus Tochtergesellschaften, das nicht Gegenstand (ii) the value of all other assets of the Guarantor eines Sicherungsrechts ist, zuzüglich (ii) des and its Subsidiaries that is not subject to any Werts aller sonstigen Vermögenswerte der Lien (where in case of (i) and (ii) the value of Garantin und ihrer Tochtergesellschaften, die Real Estate Property, on a consolidated basis nicht Gegenstand eines Sicherungsrechts sind determined in accordance with IFRS, and other (wobei im Fall von (i) und (ii) der nach IFRS auf assets shall be equal to such amounts that appear, konsolidierter Basis ermittelte Wert des or would appear, on a consolidated balance sheet Immobilienvermögens und der sonstigen of the Guarantor prepared in accordance with Vermögenswerte dem Betrag entspricht, der in IFRS). einer nach IFRS erstellten konsolidierten Bilanz der Garantin erscheint oder erscheinen würde).

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"Unsecured Financial Indebtedness" means "Unbesicherte Finanzverbindlichkeiten" that portion of the aggregate principal amount of bezeichnet den Teil des Gesamtnennbetrags aller all outstanding Financial Indebtedness of the ausstehenden Finanzverbindlichkeiten der Group that is not Secured Financial Gruppe, bei dem es sich nicht um Besicherte Indebtedness. Finanzverbindlichkeiten handelt. § 17 APPLICABLE LAW, PLACE OF § 17 ANWENDBARES RECHT, JURISDICTION, ENFORCEMENT AND GERICHTSSTAND, GERICHTLICHE PROCESS AGENT GELTENDMACHUNG UND ZUSTELLUNGSBEVOLLMÄCHTIGTER (1) Applicable Law. The Notes, as to form and (1) Anwendbares Recht. Form und Inhalt der content, and all rights and obligations of the Schuldverschreibungen sowie die Rechte und Holders and the Issuer, shall be governed by the Pflichten der Gläubiger und der Emittentin laws of the Federal Republic of Germany, bestimmen sich nach dem Recht der without giving effect to the principles of conflict Bundesrepublik Deutschland, unter Ausschluss of laws. des internationalen Privatrechts. (2) Submission to Jurisdiction. Subject to any (2) Gerichtsstand. Vorbehaltlich eines zwingend mandatory jurisdiction for specific proceedings vorgeschriebenen Gerichtsstands für bestimmte under the SchVG, the place of non-exclusive Verfahren nach dem SchVG ist Frankfurt am jurisdiction for any action or other legal Main nicht ausschließlicher Gerichtsstand für proceedings in connection with the Notes shall sämtliche im Zusammenhang mit den be Frankfurt am Main. Schuldverschreibungen entstehende Klagen oder sonstige Verfahren. (3) Enforcement. Any Holder of Notes may in any (3) Gerichtliche Geltendmachung. Jeder Gläubiger proceedings against the Issuer or any Guarantor, von Schuldverschreibungen ist berechtigt, in or to which such Holder and the Issuer or any jedem Rechtsstreit gegen die Emittentin oder Guarantor are parties, protect and enforce in his eine Garantin oder in jedem Rechtsstreit, in dem own name his rights arising under such Notes on der Gläubiger und die Emittentin oder eine the basis of (i) a statement issued by the Garantin Partei sind, seine Rechte aus diesen Custodian with whom such Holder maintains a Schuldverschreibungen im eigenen Namen auf securities account in respect of the Notes (a) der folgenden Grundlage geltend zu machen: (i) stating the full name and address of the Holder, er bringt eine Bescheinigung der Depotbank bei, (b) specifying the aggregate principal amount of bei der er für die Schuldverschreibungen ein Notes credited to such securities account on the Wertpapierdepot unterhält, welche (a) den date of such statement and (c) confirming that vollständigen Namen und die vollständige the Custodian has given written notice to the Adresse des Gläubigers enthält, (b) den Clearing System containing the information Gesamtnennbetrag der Schuldverschreibungen pursuant to (a) and (b) and (ii) a copy of the bezeichnet, die unter dem Datum der Bestätigung Note in global form certified as being a true auf dem Wertpapierdepot verbucht sind und (c) copy by a duly authorised officer of the Clearing bestätigt, dass die Depotbank gegenüber dem System or a depository of the Clearing System, Clearingsystem eine schriftliche Erklärung without the need for production in such abgegeben hat, die die vorstehend unter (a) und proceedings of the actual records or the Global (b) bezeichneten Informationen enthält, und (ii) Note representing the Notes. For purposes of the er legt eine Kopie der die betreffenden foregoing, "Custodian" means any bank or other Schuldverschreibungen verbriefenden financial institution of recognised standing Globalurkunde vor, deren Übereinstimmung mit authorised to engage in securities custody dem Original eine vertretungsberechtigte Person business with which the Holder maintains a von dem Clearingsystem oder einer securities account in respect of the Notes and Verwahrstelle des Clearingsystems bestätigt hat, includes the Clearing System. Each Holder may, ohne dass eine Vorlage der Originalbelege oder

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without prejudice to the foregoing, protect and der die Schuldverschreibungen verbriefenden enforce his rights under these Notes also in any Globalurkunde in einem solchen Verfahren other way which is admitted in the country of the erforderlich wäre. Für die Zwecke des proceedings. Vorstehenden bezeichnet "Depotbank" jede Bank oder ein sonstiges anerkanntes Finanzinstitut, das berechtigt ist, das Depotgeschäft zu betreiben und bei der/dem der Gläubiger ein Wertpapierdepot für die Schuldverschreibungen unterhält, einschließlich des Clearingsystems. Unbeschadet der vorstehenden Bestimmungen ist jeder Gläubiger berechtigt, seine Rechte aus diesen Schuldverschreibungen auch auf jede andere im Land des Verfahrens zulässige Weise geltend zu machen. (4) Process Agent. The Issuer has appointed the (4) Zustellungsbevollmächtigter. Die Emittentin hat Guarantor as its agent for service of process die Garantin als Zustellungsbevollmächtigte für (Zustellungsbevollmächtigter) in relation to any Verfahren vor deutschen Gerichten im proceedings before the German courts in Zusammenhang mit den Schuldverschreibungen connection with the Notes. bestellt. § 18 LANGUAGE § 18 SPRACHE [If the Conditions shall be in the German [Falls die Emissionsbedingungen in deutscher language with an English language translation Sprache mit einer Übersetzung in die englische the following applies: These Terms and Sprache abgefasst sind, gilt folgendes: Diese Conditions are written in the German language Emissionsbedingungen sind in deutscher Sprache and provided with an English language abgefasst. Eine Übersetzung in die englische translation. The German text shall be controlling Sprache ist beigefügt. Der deutsche Text ist and binding. The English language translation is bindend und maßgeblich. Die Übersetzung in die provided for convenience only.] englische Sprache ist unverbindlich.] [If the Conditions shall be in the English [Falls die Emissionsbedingungen in englischer language with a German language translation Sprache mit einer Übersetzung in die deutsche the following applies: These Terms and Sprache abgefasst sind, gilt folgendes: Diese Conditions are written in the English language Emissionsbedingungen sind in englischer and provided with German language translation. Sprache abgefasst. Eine Übersetzung in die The English text shall be controlling and deutsche Sprache ist beigefügt. Der englische binding. The German language translation is Text ist bindend und maßgeblich. Die provided for convenience only.] Übersetzung in die deutsche Sprache ist unverbindlich.] [Falls die Emissionsbedingungen nur in deutscher Sprache abgefasst sind, gilt folgendes: Diese Emissionsbedingungen sind ausschließlich in deutscher Sprache abgefasst.] [If the Conditions shall be in the English language only the following applies: These Terms and Conditions are written in the English language only.]

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TERMS AND CONDITIONS OF THE NOTES - OPTION II NOTES WITH A FLOATING INTEREST RATE

Terms and Conditions that apply to Notes with Emissionsbedingungen für Schuldverschreibungen mit floating interest rates variabler Verzinsung

§ 1 CURRENCY, DENOMINATION, FORM, § 1 WÄHRUNG, STÜCKELUNG, FORM, CERTAIN DEFINITIONS BESTIMMTE DEFINITIONEN (1) Currency; Denomination. This issue of notes (1) Währung; Stückelung. Diese Emission von (the "Notes") of Deutsche Annington Finance Schuldverschreibungen (die B.V., a private company with limited liability "Schuldverschreibungen") der Deutsche incorporated in The Netherlands (the "Issuer"), Annington Finance B.V., einer in den is being issued in the aggregate principal amount Niederlanden errichteten Gesellschaft mit [In case the Global Note is an NGN the beschränkter Haftung (die "Emittentin") wird following applies: (subject to § 1(6)] of am [Begebungstag] (der "Begebungstag") im [Specified Currency] [aggregate principal Gesamtnennbetrag [falls die Globalurkunde eine amount] (in words: [aggregate principal NGN ist gilt folgendes: (vorbehaltlich § 1(6))] amount in words]) in denominations of von [Festgelegte Währung] [Specified Currency] [Specified Denomination] [Gesamtnennbetrag] (in Worten: (the "Specified Denomination") on [Issue [Gesamtnennbetrag in Worten]) in einer Date] (the "Issue Date"). Stückelung von [Festgelegte Währung] [Festgelegte Stückelung] (die "Festgelegte Stückelung") begeben. (2) Form. The Notes are being issued in bearer (2) Form. Die Schuldverschreibungen lauten auf den form. Inhaber. (3) Temporary Global Note - Exchange. (3) Vorläufige Globalurkunde - Austausch. (a) The Notes are initially represented by a (a) Die Schuldverschreibungen sind anfänglich temporary global note (the "Temporary durch eine vorläufige Globalurkunde (die Global Note") without coupons. The "Vorläufige Globalurkunde") ohne Temporary Global Note will be Zinsscheine verbrieft. Die Vorläufige exchangeable for Notes in Specified Globalurkunde wird gegen Denominations represented by a permanent Schuldverschreibungen in den Festgelegten global note (the "Permanent Global Note" Stückelungen, die durch eine and, together with the Temporary Global Dauerglobalurkunde (die Note, the "Global Notes") without "Dauerglobalurkunde" und, zusammen coupons. [In the case of Euroclear and mit der Vorläufigen Globalurkunde, die CBL and if the Global Note is an NGN "Globalurkunden") ohne Zinsscheine the following applies: The details of such verbrieft sind, ausgetauscht. [Im Fall von exchange shall be entered in the records of Euroclear und CBL und wenn die the ICSD (as defined below).] The Globalurkunde eine NGN ist gilt Temporary Global Note and the Permanent folgendes: Die Einzelheiten eines solchen Global Note shall each be signed by two Austausches werden in die Register der authorised signatories of the Issuer and ICSD (wie nachstehend definiert) shall each be authenticated by or on behalf eingetragen.] Die Vorläufige Globalurkunde of the Fiscal Agent. Definitive certificates und die Dauerglobalurkunde tragen jeweils representing individual Notes and interest die eigenhändigen Unterschriften coupons will not be issued. ordnungsgemäß bevollmächtigter Vertreter

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der Emittentin und sind jeweils von dem Fiscal Agent oder in dessen Namen mit einer Kontrollunterschrift versehen. Einzelurkunden und Zinsscheine werden nicht ausgegeben. (b) The Temporary Global Note shall be (b) Die Vorläufige Globalurkunde wird an exchanged for the Permanent Global Note einem Tag (der "Austauschtag") gegen die on a date (the "Exchange Date") not later Dauerglobalurkunde ausgetauscht, der nicht than 180 days after the Issue Date of the mehr als 180 Tage nach dem Begebungstag Notes. The Exchange Date shall not be der Schuldverschreibungen liegt. Der earlier than 40 days after the Issue Date. Austauschtag wird nicht weniger als 40 Such exchange shall only be made upon Tage nach dem Begebungstag liegen. Ein delivery of certifications to the effect that solcher Austausch darf nur nach Vorlage the beneficial owner or owners of the von Bescheinigungen erfolgen, wonach der Notes is not a U.S. person (other than oder die wirtschaftlichen Eigentümer der certain financial institutions or certain Schuldverschreibungen keine U.S.- persons holding Notes through such Personen sind (ausgenommen bestimmte financial institutions). Payment of interest Finanzinstitute oder bestimmte Personen, on Notes represented by a Temporary die Schuldverschreibungen über solche Global Note will be made only after Finanzinstitute halten). Solange die delivery of such certifications. A separate Schuldverschreibungen durch eine certification shall be required in respect of Vorläufige Globalurkunde verbrieft sind, each such payment of interest. Any such werden Zinszahlungen erst nach Vorlage certification received on or after the 40th solcher Bescheinigungen vorgenommen. day after the Issue Date of the Notes will Eine gesonderte Bescheinigung ist für jede be treated as a request to exchange the solche Zinszahlung erforderlich. Jede Temporary Global Note pursuant to this Bescheinigung, die am oder nach dem 40. § 1(3)(b). Any Notes delivered in exchange Tag nach dem Begebungstag der for the Temporary Global Note shall be Schuldverschreibungen eingeht, wird als delivered only outside of the United States ein Ersuchen behandelt werden, die (as defined in § 1[(7)]). Vorläufige Globalurkunde gemäß diesem § 1(3)(b) auszutauschen. Schuldverschreibungen, die im Austausch für die Vorläufige Globalurkunde geliefert werden, dürfen nur außerhalb der Vereinigten Staaten (wie in § 1[(7)] definiert) geliefert werden. (4) Clearing System. Each Global Note will be kept (4) Clearingsystem. Jede Globalurkunde wird in custody by or on behalf of the Clearing solange von einem oder im Namen eines System until all obligations of the Issuer under Clearingsystems verwahrt, bis sämtliche the Notes have been satisfied. "Clearing Verbindlichkeiten der Emittentin aus den System" means [in case of more than one Schuldverschreibungen erfüllt sind. Clearing System, the following applies: each of] "Clearingsystem" bedeutet [bei mehr als einem the following: [Clearstream Banking AG, Clearingsystem gilt folgendes: jeweils] Frankfurt am Main ("CBF")] [Clearstream folgendes: [Clearstream Banking AG, Frankfurt Banking, société anonyme Luxembourg am Main ("CBF")] [Clearstream Banking, ("CBL")] [and] [Euroclear Bank SA/NV société anonyme, Luxemburg ("CBL")] [und] Brussels ("Euroclear")] and any successor in [Euroclear Bank SA/ NV Brüssel ("Euroclear")] such capacity. [In the case of CBL and sowie jeder Funktionsnachfolger. [Im Falle von

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Euroclear as Clearing System the following CBL oder Euroclear als Clearingsystem, gilt applies: "International Central Securities folgendes: "International Central Securities Depositary" or "ICSD" means each of CBL and Depositary" oder "ICSD" bezeichnet jeweils Euroclear (together, the "ICSDs")]. CBL und Euroclear (zusammen die "ICSDs")]. [In the case of Notes kept in custody on behalf [Im Fall von Schuldverschreibungen, die im of the ICSDs and the Global Note is an NGN, Namen der ICSDs verwahrt werden und falls the following applies: The Notes are issued in die Globalurkunde eine NGN ist gilt folgendes: new global note ("NGN") form and are kept in Die Schuldverschreibungen werden in Form custody by a common safekeeper on behalf of einer New Global Note ("NGN") ausgegeben both ICSDs.] und von einem Common Safekeeper im Namen beider ICSDs verwahrt.] [In the case of Notes kept in custody on behalf [Im Fall von Schuldverschreibungen, die im of the ICSDs and the Global Note is a CGN, the Namen der ICSDs verwahrt werden und falls following applies: The Notes are issued in die Globalurkunde eine CGN ist gilt folgendes: classical global note ("CGN") form and are kept Die Schuldverschreibungen werden in Form in custody by a common depositary on behalf of einer Classical Global Note ("CGN") both ICSDs.] ausgegeben und von einer gemeinsamen Verwahrstelle im Namen beider ICSDs verwahrt.] (5) Holder of Notes. "Holder" means any holder of (5) Gläubiger von Schuldverschreibungen. a proportionate co-ownership or other beneficial "Gläubiger" bezeichnet jeden Inhaber eines interest or right in the Notes. Miteigentumsanteils oder anderen vergleichbaren Rechts an den Schuldverschreibungen.

[In the case the Global Note is an NGN, the [Falls die Globalurkunde eine NGN ist, gilt following applies: folgendes:

(6) Records of the ICSDs. The principal amount of (6) Register der ICSDs. Der Nennbetrag der durch Notes represented by the Global Note shall be die Globalurkunde verbrieften the aggregate amount from time to time entered Schuldverschreibungen entspricht dem jeweils in in the records of both ICSDs. The records of the den Registern beider ICSDs eingetragenen ICSDs (which expression means the records that Gesamtbetrag. Die Register der ICSDs (unter each ICSD holds for its customers which reflect denen man die Register versteht, die jeder ICSD the amount of such customer's interest in the für seine Kunden über den Betrag ihres Anteils Notes) shall be conclusive evidence of the an den Schuldverschreibungen führt) sind principal amount of Notes represented by the schlüssiger Nachweis über den Nennbetrag der Temporary Global Note or the Permanent Global durch die Vorläufige Globalurkunde bzw. die Note, as the case may be, and, for these Dauerglobalurkunde verbrieften purposes, a statement issued by an ICSD stating Schuldverschreibungen und eine zu diesen the principal amount of Notes so represented at Zwecken von einem ICSD jeweils ausgestellte any time shall be conclusive evidence of the Bestätigung mit dem Nennbetrag der so records of the relevant ICSD at that time. verbrieften Schuldverschreibungen ist zu jedem Zeitpunkt ein schlüssiger Nachweis über den Inhalt des Registers des jeweiligen ICSD. On any redemption or payment of an installment Bei Rückzahlung oder Zahlung einer or interest being made in respect of, or purchase Rückzahlungsrate oder Zinszahlung bezüglich and cancellation of, any of the Notes represented der durch die Globalurkunde verbrieften by the Global Note the Issuer shall procure that Schuldverschreibungen bzw. bei Kauf und details of any redemption, payment or purchase Entwertung der durch die Globalurkunde and cancellation (as the case may be) in respect verbrieften Schuldverschreibungen stellt die

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of the Global Note shall be entered pro rata in Emittentin sicher, dass die Einzelheiten über jede the records of the ICSDs and, upon any such Rückzahlung und Zahlung bzw. Kauf und entry being made, the principal amount of the Entwertung bezüglich der Globalurkunden Notes recorded in the records of the ICSDs and anteilig in die Register der ICSDs eingetragen represented by the Global Note shall be reduced werden, und nach dieser Eintragung vom by the aggregate principal amount of the Notes Nennbetrag der in die Register der ICSDs so redeemed or purchased and cancelled or by eingetragenen und durch die Globalurkunde the aggregate amount of such installment so verbrieften Schuldschreibungen der paid. Gesamtnennbetrag der zurückgezahlten bzw. gekauften und entwerteten Schuldverschreibungen bzw. der Gesamtbetrag der so gezahlten Raten abgezogen wird. On an exchange of a portion only of the Notes Bei Austausch nur eines Teils von represented by a Temporary Global Note, the Schuldverschreibungen, die durch eine Issuer shall procure that details of such exchange Vorläufige Globalurkunde verbrieft sind, wird die shall be entered pro rata in the records of the Emittentin sicherstellen, dass die Einzelheiten ICSDs.] dieses Austauschs anteilig in die Register der ICSDs eingetragen werden.] [(7)] United States. For the purposes of these Terms [(7)] Vereinigte Staaten. Für die Zwecke dieser and Conditions "United States" means the Emissionsbedingungen bezeichnet "Vereinigte United States of America (including the States Staaten" die Vereinigten Staaten von Amerika thereof and the District of Columbia) and its (einschließlich deren Bundesstaaten und des possessions (including Puerto Rico, the U.S. District of Columbia) sowie deren Territorien Virgin Islands, Guam, American Samoa, Wake (einschließlich Puerto Rico, der U.S. Virgin Island and Northern Mariana Islands). Islands, Guam, American Samoa, Wake Island und Northern Mariana Islands). § 2 STATUS, GUARANTEE § 2 STATUS, GARANTIE (1) Status. The obligations under the Notes (1) Status. Die Schuldverschreibungen begründen constitute direct, unconditional, unsecured and unmittelbare, unbedingte, nicht besicherte und unsubordinated obligations of the Issuer ranking nicht nachrangige Verbindlichkeiten der pari passu among themselves and pari passu with Emittentin, die untereinander und mit allen all other unsecured and unsubordinated anderen nicht besicherten und nicht nachrangigen obligations of the Issuer, unless such obligations Verbindlichkeiten der Emittentin gleichrangig are accorded priority under mandatory sind, soweit diesen Verbindlichkeiten nicht durch provisions of statutory law. zwingende gesetzliche Bestimmungen ein Vorrang eingeräumt wird. (2) Guarantee. Deutsche Annington Immobilien SE (2) Garantie. Die Deutsche Annington Immobilien (the "Guarantor") has given an unconditional SE (die "Garantin") hat eine unbedingte und and irrevocable guarantee (the "Guarantee") for unwiderrufliche Garantie (die "Garantie") für the due and punctual payment of principal of, die ordnungsgemäße und pünktliche Zahlung and interest on, and any other amounts payable aller Kapital-, Zins- und sonstigen auf die under any Notes. The Guarantee constitutes a Schuldverschreibungen zahlbaren Beträge contract for the benefit of the Holders from time übernommen. Die Garantie stellt einen Vertrag to time as third party beneficiaries in accordance zugunsten der Gläubiger als begünstigte Dritte with section 328 paragraph 1 of the German im Sinne des § 328 Abs. 1 BGB dar, der jedem Civil Code (Bürgerliches Gesetzbuch), giving Gläubiger das Recht gibt, die Garantin rise to the right of each Holder to require unmittelbar aus der Garantie auf Erfüllung in performance of the Guarantee directly from the Anspruch zu nehmen und Ansprüche aus der

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Guarantor and to enforce the Guarantee directly Garantie unmittelbar gegen die Garantin against the Guarantor. Copies of the Guarantee durchzusetzen. Abschriften der Garantie sind bei may be obtained free of charge at the specified der bezeichneten Geschäftsstelle des Fiscal office of the Fiscal Agent. Agent kostenlos erhältlich. § 3 NEGATIVE PLEDGE § 3 NEGATIVVERPFLICHTUNG (1) Negative Pledge of the Issuer. The Issuer (1) Negativverpflichtung der Emittentin. Die undertakes, so long as any Notes are Emittentin verpflichtet sich, solange outstanding, but only up to the time all amounts Schuldverschreibungen ausstehen, jedoch nur bis of principal and interest have been placed at the zu dem Zeitpunkt, an dem alle Beträge an disposal of the Fiscal Agent, not to create or Kapital und Zinsen dem Fiscal Agent zur permit to subsist any form of security interest in Verfügung gestellt wurden, keine dinglichen rem (dingliches Sicherungsrecht) over its assets Sicherungsrechte an ihren Vermögenswerten zur to secure any Capital Market Indebtedness other Besicherung von Kapitalmarktverbindlichkeiten than Securitised Capital Market Indebtedness or (mit Ausnahme Verbriefter to secure any guarantee or indemnity given by Kapitalmarktverbindlichkeiten) oder von durch the Issuer in respect of Capital Market die Emittentin in Bezug auf Indebtedness unless, subject to § 3(3), the Kapitalmarktverbindlichkeiten übernommenen Issuer's obligations under the Notes are secured Garantien oder abgegebenen equally with (or, in case such Capital Market Freistellungserklärungen zu bestellen oder Indebtedness is subordinated debt, senior in fortbestehen zu lassen, es sei denn, die priority to) the Capital Market Indebtedness Verbindlichkeiten der Emittentin aus den secured by such security interest. Schuldverschreibungen werden vorbehaltlich § 3(3) durch das betreffende Sicherungsrecht gleichrangig mit der jeweiligen Kapitalmarktverbindlichkeit (oder, sofern es sich dabei um eine nachrangige Verbindlichkeit handelt, im Vergleich dazu vorrangig) besichert. (2) Negative Pledge of the Guarantor. The (2) Negativverpflichtung der Garantin. In der Guarantor has undertaken in the Guarantee, so Garantie hat sich die Garantin verpflichtet, long as any Notes are outstanding, but only up to solange Schuldverschreibungen ausstehen, the time all amounts of principal and interest jedoch nur bis zu dem Zeitpunkt, an dem alle have been placed at the disposal of the Fiscal Beträge an Kapital und Zinsen dem Fiscal Agent Agent, not to create or permit to subsist, and to zur Verfügung gestellt wurden, keine dinglichen procure that none of its Material Subsidiaries Sicherungsrechte an ihren Vermögenswerten zur will create or permit to subsist, any form of Besicherung von Kapitalmarktverbindlichkeiten security interest in rem (dingliches (mit Ausnahme Verbriefter Sicherungsrecht) over its assets to secure any Kapitalmarktverbindlichkeiten) oder von durch Capital Market Indebtedness other than die Garantin oder eine ihrer Securitised Capital Market Indebtedness or to Tochtergesellschaften in Bezug auf secure any guarantee or indemnity given by the Kapitalmarktverbindlichkeiten übernommenen Guarantor or any of its Subsidiaries in respect of Garantien oder abgegebenen Capital Market Indebtedness unless, subject to Freistellungserklärungen zu bestellen oder § 3(3), the Issuer's obligations under the Notes fortbestehen zu lassen bzw. sicherzustellen, dass are secured equally with (or, in case such Capital keine ihrer Wesentlichen Tochtergesellschaften Market Indebtedness is subordinated debt, senior dies tut, es sei denn, die Verbindlichkeiten der in priority to) the Capital Market Indebtedness Emittentin aus den Schuldverschreibungen secured by such security interest. werden vorbehaltlich § 3(3) durch das betreffende Sicherungsrecht gleichrangig mit der jeweiligen Kapitalmarktverbindlichkeit (oder,

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sofern es sich dabei um eine nachrangige Verbindlichkeit handelt, im Vergleich dazu vorrangig) besichert. (3) Limitation. The undertakings pursuant to § 3(1) (3) Beschränkung. Die Verpflichtungserklärungen and § 3(2) shall not apply: nach § 3(1) und § 3(2) gelten nicht: (a) to any security interest which is mandatory (a) für Sicherungsrechte, die nach according to applicable laws or required as anwendbarem Recht zwingend prerequisite for governmental approvals; or vorgeschrieben sind oder Voraussetzung für die Gewährung staatlicher Genehmigungen sind; oder (b) with respect to any security right in rem (b) für dingliche Sicherungsrechte, die von (dingliches Sicherungsrecht) provided by einer Tochtergesellschaft an Forderungen any Subsidiary over any of such gegen die Garantin bestellt werden, die ihr Subsidiary's claims against the Guarantor, aufgrund der Weiterleitung von erzielten which claims arise as a result of the Erlösen der Tochtergesellschaft aus der passing on to the Guarantor of the proceeds Begebung von from the issue by such Subsidiary of any Kapitalmarktverbindlichkeiten erzielten Capital Market Indebtedness, provided that Erlösen der Tochtergesellschaft an die any such security serves solely to secure Garantin zustehen, vorausgesetzt, diese obligations under such Capital Market Sicherheiten dienen ausschließlich der Indebtedness issued by such Subsidiary. Besicherung von Verpflichtungen aus den von dieser Tochtergesellschaft begebenen Kapitalmarktverbindlichkeiten. (4) Provision of Additional Security. Whenever the (4) Bestellung zusätzlicher Sicherheiten. Entsteht für Issuer or the Guarantor, as the case may be, die Emittentin oder gegebenenfalls die Garantin becomes obligated to secure (or procure that a die Verpflichtung zur Besicherung der Material Subsidiary secures) the Notes pursuant Schuldverschreibungen gemäß § 3(1) und (2) to § 3(1) and (2), the Issuer or the Guarantor, as (oder entsteht die Verpflichtung, für deren applicable, shall be entitled to discharge such Besicherung durch eine Wesentliche obligation by providing (or procure that the Tochtergesellschaft Sorge zu tragen), so sind die relevant Material Subsidiary provides) a security Emittentin bzw. die Garantin berechtigt, diese interest in the relevant collateral to a security Verpflichtung dadurch zu erfüllen, dass ein trustee, such security trustee to hold such Sicherungsrecht an dem jeweiligen collateral and the security interest that gave rise Sicherungsgegenstand zugunsten eines to the creation of such collateral, equally Sicherheitentreuhänders begründet wird (bzw. (dinglich oder, falls rechtlich nicht möglich, dadurch, dass sie die betreffende Wesentliche aufgrund schuldrechtlicher Vereinbarung Tochtergesellschaft zur Begründung eines gleichrangig), for the benefit of the Holders and solchen Sicherungsrechts veranlassen), und zwar the holders of the Capital Market Indebtedness in einer Weise, dass der Sicherheitentreuhänder secured by the security interest that gave rise to diesen Sicherungsgegenstand dinglich oder, falls the creation of such security interest in such rechtlich nicht möglich, aufgrund collateral. schuldrechtlicher Vereinbarung gleichrangig zugunsten der Gläubiger der Schuldverschreibungen und der Gläubiger derjenigen Kapitalmarktverbindlichkeit hält, die aufgrund einer Besicherung mit einem Sicherungsrecht zur Bestellung dieses Sicherungsrechts an dem betreffenden Sicherungsgegenstand führte.

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§ 4 INTEREST § 4 VERZINSUNG (1) Rate of Interest and Interest Payment Dates. The (1) Zinssatz und Zinszahlungstage. Die Notes shall bear interest on their principal Schuldverschreibungen werden bezogen auf amount from (and including) [Interest ihren Nennbetrag verzinst, und zwar vom Commencement Date] (the "Interest [Verzinsungsbeginn] (der "Verzinsungsbeginn") Commencement Date") to but excluding the (einschließlich) bis zum ersten Zinszahlungstag first Interest Payment Date and thereafter from (ausschließlich) und danach von jedem (and including) each Interest Payment Date to Zinszahlungstag (einschließlich) bis zum but excluding the next following Interest nächstfolgenden Zinszahlungstag Payment Date. Interest on the Notes shall be (ausschließlich). Zinsen auf die payable on each Interest Payment Date. Schuldverschreibungen sind an jedem Zinszahlungstag zahlbar. "Interest Payment Date" means [in the case of "Zinszahlungstag" bezeichnet [im Falle von Specified Interest Payment Dates the festgelegten Zinszahlungstagen, gilt folgendes: following applies: each [Specified Interest jeden [festgelegte Zinszahlungstage] [im Falle Payment Dates] [in the case of Specified von festgelegten Zinsperioden gilt folgendes: Interest Periods, the following applies: each (soweit diese Emissionsbedingungen keine date which (except as otherwise provided in abweichenden Bestimmungen vorsehen) jeweils these Terms and Conditions) falls [number] den Tag, der [Zahl] [Wochen] [Monate] [andere [weeks] [months] [other specified periods] after festgelegte Zeiträume] nach dem the preceding Interest Payment Date or, in the vorhergehenden Zinszahlungstag oder im Fall case of the first Interest Payment Date, after the des ersten Zinszahlungstages, nach dem Interest Commencement Date]. Verzinsungsbeginn liegt]. (2) Business Day Convention. If any Interest (2) Geschäftstagekonvention. Fällt ein Payment Date would otherwise fall on a day Zinszahlungstag auf einen Tag, der kein which is not a Business Day (as defined below), Geschäftstag (wie nachfolgend definiert) ist, so it shall be: [in the case of the Modified wird der Zinszahlungstag [im Falle der Following Business Day Convention, the modifizierten folgender Geschäftstag- following applies: postponed to the next day Konvention gilt folgendes: auf den which is a Business Day unless it would thereby nächstfolgenden Geschäftstag verschoben, es sei fall into the next calendar month, in which event denn, jener würde dadurch in den nächsten the Interest Payment Date shall be the Kalendermonat fallen; in diesem Fall wird der immediately preceding Business Day.] [in the Zinszahlungstag auf den unmittelbar case of the FRN Convention, the following vorhergehenden Geschäftstag vorgezogen.] [Im applies: postponed to the next day which is a Falle der FRN-Konvention gilt folgendes: auf Business Day unless it would thereby fall into den nächstfolgenden Geschäftstag verschoben, es the next calendar month, in which event (i) the sei denn, jener würde dadurch in den nächsten Interest Payment Date shall be the immediately Kalendermonat fallen; in diesem Fall (i) wird der preceding Business Day and (ii) each subsequent Zinszahlungstag auf den unmittelbar Interest Payment Date shall be the last Business vorhergehenden Geschäftstag vorgezogen und Day in the month which falls [number] (ii) ist jeder nachfolgende Zinszahlungstag der [months] [other specified periods] after the jeweils letzte Geschäftstag des Monats, der preceding applicable Interest Payment Date.] [in [Zahl] [Monate] [andere festgelegte Zeiträume] the case of the Following Business Day nach dem vorhergehenden anwendbaren Convention, the following applies: postponed to Zinszahlungstag liegt.] [im Falle der folgender the next day which is a Business Day.] [in the Geschäftstag-Konvention gilt folgendes: auf den case of the Preceding Business Day nächstfolgenden Geschäftstag verschoben.] [im Convention, the following applies: the Falle der vorher-gegangener Geschäftstag- immediately preceding Business Day.] Konvention gilt folgendes: auf den unmittelbar

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vorhergehenden Geschäftstag vorgezogen.] [In the case the offered quotation for deposits [Falls der Angebotssatz für Einlagen in der in the Specified Currency is EURIBOR, the festgelegten Währung EURIBOR ist, gilt following applies: folgendes: (3) Rate of Interest. The rate of interest (the "Rate (3) Zinssatz. Der Zinssatz (der "Zinssatz") für jede of Interest") for each Interest Period (as defined Zinsperiode (wie nachfolgend definiert) ist, below) will, except as provided below, be the sofern nachfolgend nichts Abweichendes Reference Rate (as defined below) [in case of a bestimmt wird, der Referenzsatz (wie Margin the following applies: [plus] [minus] the nachfolgend definiert) [im Falle einer Marge gilt Margin (as defined below)], all as determined by folgendes: [zuzüglich] [abzüglich] der Marge the Calculation Agent (as defined in § 7). (wie nachfolgend definiert)], wobei alle Festlegungen durch die Berechnungsstelle (wie in § 7 definiert) erfolgen. The "Reference Rate" will be the offered Der "Referenzsatz entspricht" dem quotation (expressed as a percentage rate per Angebotssatz (ausgedrückt als Prozentsatz per annum) for deposits in the Specified Currency annum) für Einlagen in der Festgelegten for that Interest Period which appears on the Währung für die jeweilige Zinsperiode, der auf Screen Page as of 11:00 a.m. (Brussels time) on der Bildschirmseite am Zins-Festlegungstag (wie the Interest Determination Date (as defined nachfolgend definiert) um 11.00 Uhr (Brüsseler below). Ortszeit) angezeigt wird. "Interest Period" means each period from (and Zinsperiode bezeichnet jeweils den Zeitraum including) the Interest Commencement Date to vom Verzinsungsbeginn (einschließlich) bis zum (but excluding) the first Interest Payment Date ersten Zinszahlungstag (ausschließlich) bzw. von and from (and including) each Interest Payment jedem Zinszahlungstag (einschließlich) bis zum Date to (but excluding) the following Interest jeweils darauffolgenden Zinszahlungstag Payment Date. (ausschließlich). "Interest Determination Date" means the "Zins-Festlegungstag" bezeichnet den zweiten second TARGET Business Day prior to the TARGET Geschäftstag vor Beginn der commencement of the relevant Interest Period. jeweiligen Zinsperiode. [In case of a Margin the following applies: [Im Falle einer Marge gilt folgendes: Die "Margin" means [Margin] per cent. per annum.] "Marge" beträgt [Marge]% per annum.] "Screen Page" means EURIBOR01 or any "Bildschirmseite" bedeutet EURIBOR01 oder successor page. jede Nachfolgeseite. If the Screen Page is not available or if no such Sollte zu der genannten Zeit die maßgebliche quotation appears as at such time, the Bildschirmseite nicht zur Verfügung stehen oder Calculation Agent shall request each of the wird kein Angebotssatz angezeigt, wird die Reference Banks (as defined below) to provide Berechnungsstelle von jeder der Referenzbanken the Calculation Agent with its offered quotation (wie nachfolgend definiert) deren jeweilige (expressed as a percentage rate per annum) for Angebotssätze (jeweils als Prozentsatz per deposits in the Specified Currency for the annum ausgedrückt) für Einlagen in der relevant Interest Period and in a representative Festgelegten Währung für die betreffende amount to leading banks in the interbank market Zinsperiode und über einen repräsentativen in the Euro-Zone at approximately 11.00 a.m. Betrag gegenüber führenden Banken im (Brussels time) on the Interest Determination Interbanken-Markt in der Euro-Zone um ca. Date. If two or more of the Reference Banks 11.00 Uhr (Brüsseler Ortszeit) am Zins- provide the Calculation Agent with such offered Festlegungstag anfordern. Falls zwei oder mehr quotations, the Rate of Interest for such Interest Referenzbanken der Berechnungsstelle solche Period shall be the arithmetic mean (rounded if Angebotssätze nennen, ist der Zinssatz für die

155 necessary to the nearest one thousandth of a betreffende Zinsperiode das arithmetische Mittel percentage point, with 0.0005 being rounded (falls erforderlich, auf- oder abgerundet auf das upwards) of such offered quotations [in case of a nächste ein Tausendstel Prozent, wobei 0,0005 Margin the following applies: [plus] [minus] the aufgerundet wird) dieser Angebotssätze [im Margin], all as determined by the Calculation Falle einer Marge gilt folgendes: [zuzüglich] Agent. [abzüglich] der Marge], wobei alle Festlegungen durch die Berechnungsstelle erfolgen. If on any Interest Determination Date only one Falls an einem Zins-Festlegungstag nur eine oder or none of the Reference Banks provides the keine der Referenzbanken der Berechnungsstelle Calculation Agent with such offered quotations solche im vorstehenden Absatz beschriebenen as provided in the preceding paragraph, the Rate Angebotssätze nennt, ist der Zinssatz für die of Interest for the relevant Interest Period shall betreffende Zinsperiode der Satz per annum, den be the rate per annum which the Calculation die Berechnungsstelle als das arithmetische Agent determines as being the arithmetic mean Mittel (falls erforderlich, auf- oder abgerundet (rounded if necessary to the nearest one auf das nächste ein Tausendstel Prozent, wobei thousandth of a percentage point, with 0.0005 0,0005 aufgerundet wird) der Angebotssätze being rounded upwards) of the rates, as ermittelt, die von der Berechnungsstelle in communicated to (and at the request of) the angemessener Sorgfalt ausgewählte Großbanken Calculation Agent by major banks in the im Interbanken-Markt in der Euro-Zone der interbank market in the Euro-Zone, selected by Berechnungsstelle auf ihre Anfrage als den the Calculation Agent acting in good faith, at jeweiligen Satz nennen, zu dem sie um 11.00 Uhr which such banks offer, as at 11.00 a.m. (Brüsseler Ortszeit) am betreffenden Zins- (Brussels time) on the relevant Interest Festlegungstag Darlehen in der festgelegten Determination Date, loans in the Specified Währung für die betreffende Zinsperiode und Currency for the relevant Interest Period and in a über einen repräsentativen Betrag gegenüber representative amount to leading European führenden Europäischen Banken anbieten [im banks [in case of a Margin the following Falle einer Marge gilt folgendes: [zuzüglich] applies: [plus] [minus] the Margin]. [abzüglich] der Marge].] As used herein, "Reference Banks" means four "Referenzbanken" bezeichnet vier Großbanken major banks in the interbank market in the Euro- im Interbanken-Markt in der Euro-Zone. Zone. "Euro-Zone" means the region comprised of "Euro-Zone" bezeichnet das Gebiet derjenigen those member states of the European Union that Mitgliedstaaten der Europäischen Union, die have adopted, or will have adopted from time to gemäß dem Vertrag über die Gründung der time, the single currency in accordance with the Europäischen Gemeinschaft (unterzeichnet in Treaty establishing the European Community Rom am 25. März 1957), geändert durch den (signed in Rome on 25 March 1957), as Vertrag über die Europäische Union amended by the Treaty on European Union (unterzeichnet in Maastricht am 7. Februar 1992) (signed in Maastricht on 7 February 1992) and und den Amsterdamer Vertrag vom 2. Oktober the Amsterdam Treaty of 2 October 1997, as 1997, in seiner jeweiligen Fassung, eine further amended from time to time.] einheitliche Währung eingeführt haben oder jeweils eingeführt haben werden.] [In the case the offered quotation for deposits [Falls der Angebotssatz für Einlagen in der in the Specified Currency is EURIBOR, a festgelegten Währung EURIBOR ist, ein kurzer short/long [first / last] coupon and oder langer [erster / letzter] Kupon sowie interpolation is applicable, the following Interpolation anwendbar ist, gilt folgendes: applies: In respect of the [first / last] Interest Period, the Für die [erste / letzte] Zinsperiode legt die

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Reference Rate shall be determined by the Berechnungsstelle den Referenzsatz am Calculation Agent on the Interest Determination Zinsfestsetzungstag in kaufmännisch Date in a commercially reasonably manner using vernünftiger Weise durch lineare Interpolation the straight-line interpolation by reference to two zwischen zwei Referenzsätzen fest, von denen reference rates, one of which shall be determined der eine Referenzsatz für einen Zeitraum zu for a term for which a reference rate similar to bestimmen ist, für den es einen dem Referenzsatz the Reference Rate is available and which is next vergleichbaren Referenzsatz gibt und der der closest to but shorter than the applicable Interest Länge der anwendbaren Zinsperiode am nächsten Period and the other of which shall be kommt, aber kürzer als diese ist und der andere determined for a term for which a reference rate Referenzsatz für einen Zeitraum zu bestimmen similar to the Reference Rate is available and ist, für den es einen dem Referenzsatz which is next closest to but longer than the vergleichbaren Referenzsatz gibt und der der applicable Interest Period.] Länge der anwendbaren Zinsperiode am nächsten kommt, aber länger als diese ist.] [In the case the offered quotation for deposits [Falls der Angebotssatz für Einlagen in der in the Specified Currency is LIBOR, the festgelegten Währung LIBOR ist, gilt following applies: folgendes: (3) Rate of Interest. The rate of interest (the "Rate (3) Zinssatz. Der Zinssatz (der "Zinssatz") für jede of Interest") for each Interest Period (as defined Zinsperiode (wie nachfolgend definiert) ist, below) will, except as provided below, be the sofern nachfolgend nichts Abweichendes offered quotation (expressed as a percentage rate bestimmt wird, der Angebotssatz (ausgedrückt per annum) for deposits in the Specified als Prozentsatz per annum) für Einlagen in der Currency for that Interest Period which appears Festgelegten Währung für die jeweilige on the Screen Page as of 11:00 a.m. (London Zinsperiode, der auf der Bildschirmseite am time) on the Interest Determination Date (as Zins-Festlegungstag (wie nachfolgend definiert) defined below) [in case of a Margin, the um 11.00 Uhr (Londoner Ortszeit) angezeigt following applies: [plus] [minus] the Margin (as wird [im Falle einer Marge gilt folgendes: defined below)], all as determined by the [zuzüglich] [abzüglich] der Marge (wie Calculation Agent (as defined in § 7). nachfolgend definiert)], wobei alle Festlegungen durch die Berechnungsstelle (wie in § 7 definiert) erfolgen. [In the case the offered quotation for deposits [Falls der Angebotssatz für Einlagen in der in the Specified Currency is LIBOR, a festgelegten Währung LIBOR ist, ein kurzer short/long [first / last] coupon and oder langer [erster / letzter] Kupon sowie interpolation is applicable, the following Interpolation anwendbar ist, gilt folgendes: applies: In respect of the [first / last] Interest Period, the Für die [erste / letzte] Zinsperiode legt die Reference Rate shall be determined by the Berechnungsstelle den Referenzsatz am Calculation Agent on the Interest Determination Zinsfestsetzungstag in kaufmännisch Date in a commercially reasonably manner using vernünftiger Weise durch lineare Interpolation the straight-line interpolation by reference to two zwischen zwei Referenzsätzen fest, von denen reference rates, one of which shall be determined der eine Referenzsatz für einen Zeitraum zu for a term for which a reference rate similar to bestimmen ist, für den es einen dem Referenzsatz the Reference Rate is available and which is next vergleichbaren Referenzsatz gibt und der der closest to but shorter than the applicable Interest Länge der anwendbaren Zinsperiode am nächsten Period and the other of which shall be kommt, aber kürzer als diese ist und der andere determined for a term for which a reference rate Referenzsatz für einen Zeitraum zu bestimmen similar to the Reference Rate is available and ist, für den es einen dem Referenzsatz which is next closest to but longer than the vergleichbaren Referenzsatz gibt und der der

157 applicable Interest Period.] Länge der anwendbaren Zinsperiode am nächsten kommt, aber länger als diese ist.] "Interest Period" means each period from (and "Zinsperiode" bezeichnet jeweils den Zeitraum including) the Interest Commencement Date to vom Verzinsungsbeginn (einschließlich) bis zum (but excluding) the first Interest Payment Date ersten Zinszahlungstag (ausschließlich) bzw. von and from (and including) each Interest Payment jedem Zinszahlungstag (einschließlich) bis zum Date to (but excluding) the following Interest jeweils darauffolgenden Zinszahlungstag Payment Date. (ausschließlich). "Interest Determination Date" means the [first] "Zins-Festlegungstag" bezeichnet den [ersten] [second] [relevant financial center(s)] Business [zweiten] [relevante(s) Finanzzentrum(en)] Day [prior to the commencement] of the relevant Geschäftstag [vor Beginn] der jeweiligen Interest Period. Zinsperiode. ["[Relevant Financial Center(s)] Business ["[Relevante(s) Finanzzentrum(en)] Day" means a day which is a day (other than a Geschäftstag" bezeichnet einen Tag (außer Saturday or Sunday) on which commercial banks einem Samstag oder Sonntag), am dem are open for business (including dealings in Geschäftsbanken in [relevante(s) foreign exchange and foreign currency) in Finanzzentrum(en)] für Geschäfte [relevant financial center(s)].] (einschließlich Devisen- und Sortengeschäfte) geöffnet sind.] [In case of a Margin, the following applies: [Im Falle einer Marge gilt folgendes: Die "Margin" means [Margin] per cent. per annum.] "Marge" beträgt [Marge]% per annum.] "Screen Page" means LIBOR01 or any "Bildschirmseite" bedeutet LIBOR01 oder jede successor page. Nachfolgeseite. If the Screen Page is not available or if no such Sollte zu der genannten Zeit die maßgebliche quotation appears as at such time, the Bildschirmseite nicht zur Verfügung stehen oder Calculation Agent shall request each of the wird kein Angebotssatz angezeigt, wird die Reference Banks (as defined below) to provide Berechnungsstelle von den Referenzbanken (wie the Calculation Agent with its offered quotation nachfolgend definiert) deren jeweilige (expressed as a percentage rate per annum) for Angebotssätze (jeweils als Prozentsatz per deposits in the Specified Currency for the annum ausgedrückt) für Einlagen in der relevant Interest Period and in a representative Festgelegten Währung für die betreffende amount to leading banks in the London interbank Zinsperiode und über einen repräsentativen market at approximately 11.00 a.m. (London Betrag gegenüber führenden Banken im time) on the Interest Determination Date. If two Londoner Interbanken-Markt um 11.00 Uhr or more of the Reference Banks provide the (Londoner Ortszeit) am Zins-Festlegungstag Calculation Agent with such offered quotations, anfordern. Falls zwei oder mehr Referenzbanken the Rate of Interest for such Interest Period shall der Berechnungsstelle solche Angebotssätze be the arithmetic mean (rounded if necessary to nennen, ist der Zinssatz für die betreffende the nearest one hundred-thousandth of a Zinsperiode das arithmetische Mittel (falls percentage point, with 0.000005 being rounded erforderlich, auf- oder abgerundet auf das upwards) of such offered quotations [in case of a nächste ein Hunderttausendstel Prozent, wobei Margin the following applies: [plus] [minus] the 0,000005 aufgerundet wird) dieser Angebotssätze Margin], all as determined by the Calculation [im Falle einer Marge gilt Folgendes: Agent. [zuzüglich] [abzüglich] der Marge], wobei alle Festlegungen durch die Berechnungsstelle erfolgen. If on any Interest Determination Date only one Falls an einem Zins-Festlegungstag nur eine oder or none of the Reference Banks provides the keine der Referenzbanken der Berechnungsstelle

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Calculation Agent with such offered quotations solche im vorstehenden Absatz beschriebenen as provided in the preceding paragraph, the Rate Angebotssätze nennt, ist der Zinssatz für die of Interest for the relevant Interest Period shall betreffende Zinsperiode der Satz per annum, den be the rate per annum which the Calculation die Berechnungsstelle als das arithmetische Agent determines as being the arithmetic mean Mittel (falls erforderlich, auf- oder abgerundet (rounded if necessary to the nearest one auf das nächste ein Hunderttausendstel Prozent, hundred-thousandth of a percentage point, with wobei 0,000005 aufgerundet wird) der 0.000005 being rounded upwards) of the rates, Angebotssätze ermittelt, die von der as communicated to (and at the request of) the Berechnungsstelle in angemessener Sorgfalt Calculation Agent by major banks in the London ausgewählte Großbanken im Londoner interbank market, selected by the Calculation Interbanken-Markt der Berechnungsstelle auf Agent acting in good faith, at which such banks ihre Anfrage als den jeweiligen Satz nennen, zu offer, as at 11.00 a.m. (London time) on the dem sie um 11.00 Uhr (Londoner Ortszeit) am relevant Interest Determination Date, loans in betreffenden Zins-Festlegungstag Darlehen in der the Specified Currency for the relevant Interest festgelegten Währung für die betreffende Period and in a representative amount to leading Zinsperiode und über einen repräsentativen European banks [in case of a Margin, the Betrag gegenüber führenden Europäischen following applies: [plus] [minus] the Margin]. Banken anbieten [im Falle einer Marge gilt folgendes: [zuzüglich] [abzüglich] der Marge].] As used herein, "Reference Banks" means four "Referenzbanken" bezeichnet vier Großbanken major banks in the London interbank market.] im Londoner Interbanken-Markt.] [(4) In case of a Minimum and/or Maximum Rate [(4) Im Falle eines Mindest- und/oder of Interest, the following applies: [Minimum] Höchstzinssatz gilt folgendes: [Mindest-] [und] [and] [Maximum] Rate of Interest. [Höchst-] Zinssatz.] [In case of a Minimum Rate of Interest, the [Im Falle eines Mindestzinssatzes gilt following applies: If the Rate of Interest in folgendes: Wenn der gemäß den obigen respect of any Interest Period determined in Bestimmungen für eine Zinsperiode ermittelte accordance with the above provisions is less than Zinssatz niedriger ist als [Mindestzinssatz], so ist [Minimum Rate of Interest], the Rate of Interest der Zinssatz für diese Zinsperiode for such Interest Period shall be [Minimum Rate [Mindestzinssatz].] of Interest].] [In case of a Maximum Rate of Interest, the [Im Falle eines Höchstzinssatzes gilt folgendes: following applies: If the Rate of Interest in Wenn der gemäß den obigen Bestimmungen für respect of any Interest Period determined in eine Zinsperiode ermittelte Zinssatz höher ist als accordance with the above provisions is greater [Höchstzinssatz], so ist der Zinssatz für diese than [Maximum Rate of Interest], the Rate of Zinsperiode [Höchstzinssatz].] Interest for such Interest Period shall be [Maximum Rate of Interest].]] [(5)] Interest Amount. The Calculation Agent will, on [(5)] Zinsbetrag. Die Berechnungsstelle wird zu oder or as soon as practicable after each time at which baldmöglichst nach jedem Zeitpunkt, an dem der the Rate of Interest is to be determined, Zinssatz zu bestimmen ist, den Zinssatz determine the Rate of Interest and calculate the bestimmen und den auf die amount of interest (the "Interest Amount") Schuldverschreibungen zahlbaren Zinsbetrag in payable on the Notes in respect of each Specified Bezug auf jede Festgelegte Stückelung (der Denomination for the relevant Interest Period. "Zinsbetrag") für die entsprechende Zinsperiode Each Interest Amount shall be calculated by berechnen. Jeder Zinsbetrag wird ermittelt, applying the Rate of Interest and the Day Count indem der Zinssatz und der Zinstagequotient (wie Fraction (as defined below) to each Specified nachfolgend definiert) auf jede Festgelegte

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Denomination and rounding the resultant figure Stückelung angewendet werden, wobei der to the nearest unit of the Specified Currency, resultierende Betrag auf die kleinste Einheit der with 0.5 of such unit being rounded upwards. Festgelegten Währung auf- oder abgerundet wird, wobei 0,5 solcher Einheiten aufgerundet werden. [(6)] Notification of Rate of Interest and Interest [(6)] Mitteilung von Zinssatz und Zinsbetrag. Die Amount. The Calculation Agent will cause the Berechnungsstelle wird veranlassen, dass der Rate of Interest, each Interest Amount for each Zinssatz, jeder Zinsbetrag für die jeweilige Interest Period, each Interest Period and the Zinsperiode, die jeweilige Zinsperiode und der relevant Interest Payment Date to be notified to betreffende Zinszahlungstag der Emittentin und the Issuer and the Guarantor and to the Holders der Garantin sowie den Gläubigern gemäß § 15 in accordance with § 15 as soon as possible after baldmöglichst nach ihrer Festlegung, aber their determination, but in no event later than the keinesfalls später als am vierten auf die fourth Business Day thereafter and if required by Festlegung jeweils folgenden Geschäftstag the rules of any stock exchange on which the mitgeteilt werden, sowie jeder Börse, an der die Notes are from time to time listed, to such stock betreffenden Schuldverschreibungen zu diesem exchange as soon as possible after their Zeitpunkt notiert sind und deren Regeln eine determination, but in no event later than the first Mitteilung an die Börse verlangen, baldmöglichst day of the relevant Interest Period. Each Interest nach ihrer Festlegung, aber keinesfalls später als Amount and Interest Payment Date so notified am ersten Tag der jeweiligen Zinsperiode may subsequently be amended (or appropriate mitgeteilt werden. Im Fall einer Verlängerung alternative arrangements made by way of oder Verkürzung der Zinsperiode können jeder adjustment) without notice in the event of an mitgeteilte Zinsbetrag und Zinszahlungstag ohne extension or shortening of the Interest Period. Vorankündigung nachträglich geändert (oder Any such amendment will be promptly notified andere geeignete Anpassungsregelungen to any stock exchange on which the Notes are getroffen) werden. Jede solche Änderung wird then listed and to the Holders in accordance with umgehend allen Börsen, an denen die § 15. Schuldverschreibungen zu diesem Zeitpunkt notiert sind, sowie den Gläubigern gemäß § 15 mitgeteilt. [(7)] Determinations Binding. All certificates, [(7)] Verbindlichkeit der Festsetzungen. Alle communications, options, determinations, Bescheinigungen, Mitteilungen, Einschätzungen, calculations, quotations and decisions given, Festsetzungen, Berechnungen, Quotierungen und expressed, made or obtained for the purposes of Entscheidungen, die von der Berechnungsstelle the provisions of this § 4 by the Calculation für die Zwecke dieses § 4 gemacht, abgegeben, Agent shall (in the absence of manifest error) be getroffen oder eingeholt werden, sind (sofern binding on the Issuer, the Guarantor, the Fiscal nicht ein offensichtlicher Irrtum vorliegt) für die Agent, the Paying Agent and the Holders. Emittentin, die Garantin, den Fiscal Agent, die Zahlstellen und die Gläubiger bindend. [(8)] Late Payments. If the Issuer for any reason fails [(8)] Zahlungsverzug. Wenn die Emittentin aus to redeem the Notes when due, interest shall irgendeinem Grund Zahlungen auf die continue to accrue on the outstanding amount Schuldverschreibungen bei Fälligkeit nicht zahlt, from (and including) the due date until (but wird der ausstehende Betrag vom Tag der excluding) the date of actual redemption of the Fälligkeit (einschließlich) bis zum Tag der Notes at the default rate of interest established tatsächlichen Rückzahlung der

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by law6. Claims for further damages in case of Schuldverschreibungen (ausschließlich) mit dem late payment are not excluded. gesetzlich bestimmten Verzugszins[6] verzinst. Die Geltendmachung eines weitergehenden Schadens ist nicht ausgeschlossen. [(9)] Day Count Fraction. "Day Count Fraction" [(9)] Zinstagequotient. "Zinstagequotient" bezeichnet means, in respect of the calculation of an amount in Bezug auf die Berechnung von Zinsbeträgen of interest on any Note for any period of time auf die Schuldverschreibungen für einen (the "Calculation Period"): beliebigen Zeitraum (der "Zinsberechnungszeitraum"): [In case of Actual/365 or Actual/Actual (ISDA) [Im Falle von Actual/365 oder Actual/Actual the following applies: the actual number of days (ISDA) gilt folgendes: die tatsächliche Anzahl in the Calculation Period divided by 365 (or, if von Tagen im Zinsberechnungszeitraum dividiert any portion of that Calculation Period falls in a durch 365 (oder, falls ein Teil dieses leap year, the sum of (A) the actual number of Zinsberechnungszeitraumes in ein Schaltjahr days in that portion of the Calculation Period fällt, die Summe aus (A) der tatsächlichen falling in a leap year divided by 366 and (B) the Anzahl der in das Schaltjahr fallenden Tage des actual number of days in that portion of the Zinsberechnungszeitraumes, dividiert durch 366, Calculation Period falling in a non-leap year und (B) der tatsächlichen Anzahl der nicht in das divided by 365). Schaltjahr fallenden Tage des Zinsberechnungszeitraums, dividiert durch 365). [In case of Actual/365 (Fixed) the following [Im Falle von Actual/365 (Fixed) gilt folgendes: applies: the actual number of days in the die tatsächliche Anzahl von Tagen im Calculation Period divided by 365.] Zinsberechnungszeitraum, dividiert durch 365.] [In case of Actual/360 the following applies: the [Im Falle von Actual/360 gilt folgendes: die actual number of days in the Calculation Period tatsächliche Anzahl von Tagen im divided by 360.] Zinsberechnungszeitraum, dividiert durch 360.] [In case of 30/360, 360/360 or Bond Basis the [Im Falle von 30/360, 360/360 oder Bond Basis following applies: the number of days in the gilt folgendes: die Anzahl von Tagen im Calculation Period divided by 360, the number Zinsberechnungszeitraum, dividiert durch 360, of days to be calculated on the basis of a year of wobei die Anzahl der Tage auf der Grundlage 360 days with twelve 30-day months (unless (A) eines Jahres von 360 Tagen mit zwölf Monaten the last day of the Calculation Period is the 31st zu je 30 Tagen zu ermitteln ist (es sei denn, (A) day of a month but the first day of the der letzte Tag des Zinsberechnungszeitraums fällt Calculation Period is a day other than the 30th or auf den 31. Tag eines Monates, während der erste 31st day of a month, in which case the month Tag des Zinsberechnungszeitraumes weder auf that includes that last day shall not be considered den 30. noch auf den 31. Tag eines Monats fällt, to be shortened to a 30-day month, or (B) the last in welchem Fall der diesen letzten Tag day of the Calculation Period is the last day of enthaltende Monat nicht als ein auf 30 Tage the month of February in which case the month gekürzter Monat zu behandeln ist, oder (B) der of February shall not be considered to be letzte Tag des Zinsberechnungszeitraumes fällt lengthened to a 30-day month).] auf den letzten Tag des Monats Februar, in welchem Fall der Monat Februar nicht als ein auf 30 Tage verlängerter Monat zu behandeln ist).]

6 The default rate of interest established by statutory law is five percentage points above the basis rate of interest published by Deutsche Bundesbank from time to time, sections 288 paragraph 1, 247 paragraph 1 of the German Civil Code (Bürgerliches Gesetzbuch). Der gesetzliche Verzugszinssatz beträgt fünf Prozentpunkte über dem von der Deutschen Bundesbank jeweils veröffentlichen Basiszinssatz, §§ 288 Abs. 1, 247 Abs. 1 BGB.

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[In the case of 30E/360 or Eurobond Basis the [Im Falle von 30E/360 oder Eurobond Basis following applies: the number of days in the gilt folgendes: die Anzahl der Tage im Calculation Period divided by 360 (the number Zinsberechnungszeitraum, dividiert durch 360 of days to be calculated on the basis of a year of (dabei ist die Anzahl der Tage auf der Grundlage 360 days with twelve 30-day months, without eines Jahres von 360 Tagen mit zwölf Monaten regard to the date of the first day or last day of zu je 30 Tagen zu ermitteln, und zwar ohne the Calculation Period unless, in the case of the Berücksichtigung des Datums des ersten oder final Calculation Period, the Maturity Date is the letzten Tages des Zinsberechnungszeitraumes, es last day of the month of February, in which case sei denn, dass im Falle einer am Fälligkeitstag the month of February shall not be considered to endenden Zinsperiode der Fälligkeitstag der be lengthened to a 30-day month).] letzte Tag des Monats Februar ist, in welchem Fall der Monat Februar nicht als ein auf 30 Tage verlängerter Monat zu behandeln ist).] § 5 PAYMENTS § 5 ZAHLUNGEN

(1) Payment of Principal and Interest. Payment of (1) Zahlung von Kapital und Zinsen. Die Zahlung principal and interest in respect of Notes shall be von Kapital und Zinsen auf die made, in accordance with § 5(2), to the Paying Schuldverschreibungen erfolgt nach Maßgabe Agent for forwarding to the Clearing System or des § 5(2) an die Zahlstelle zur Weiterleitung an to its order for credit to the accounts of the das Clearingsystem oder dessen Order zur relevant accountholders of the Clearing System. Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearingsystems. Payment of interest on Notes represented by the Die Zahlung von Zinsen auf die Temporary Global Note shall be made, in Schuldverschreibungen, die durch die Vorläufige accordance with § 5(2), to the Clearing System Globalurkunde verbrieft sind, erfolgt nach or to its order for credit to the accounts of the Maßgabe des § 5(2) an das Clearingsystem oder relevant account holders of the Clearing System, dessen Order zur Gutschrift auf den Konten der upon due certification as provided in § 1(3)(b). jeweiligen Kontoinhaber des Clearingsystems, und zwar nach ordnungsgemäßer Bescheinigung gemäß § 1(3)(b). (2) Manner of Payment. Subject to applicable fiscal (2) Zahlungsweise. Vorbehaltlich geltender and other laws and regulations, payments of steuerlicher oder sonstiger gesetzlicher amounts due in respect of the Notes shall be Regelungen und Vorschriften werden auf die made in the Specified Currency. Schuldverschreibungen fällige Zahlungen in der Festgelegten Währung geleistet. (3) Discharge. The Issuer or, as the case may be, the (3) Erfüllung. Die Emittentin bzw. die Garantin Guarantor shall be discharged by payment to, or werden durch Leistung der Zahlung an das to the order of, the Clearing System. Clearingsystem oder dessen Order von ihrer Zahlungspflicht befreit. (4) Business Day. If the date for payment of any (4) Geschäftstag. Fällt der Tag der Fälligkeit einer amount in respect of any Note is not a Business Zahlung in Bezug auf eine Schuldverschreibung Day then the Holder shall not be entitled to auf einen Tag, der kein Geschäftstag ist, so hat payment until the next such day in the relevant der Gläubiger keinen Anspruch auf Zahlung vor place and shall not be entitled to further interest dem nächsten Geschäftstag am jeweiligen Ort or other payment in respect of such delay. und ist nicht berechtigt, weitere Zinsen oder sonstige Zahlungen aufgrund dieser Verspätung zu verlangen.

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For these purposes, "Business Day" means Für diese Zwecke bezeichnet "Geschäftstag"

[In the case the Specified Currency is Euro the [Wenn die Festgelegte Währung Euro ist, gilt following applies: a day (other than a Saturday folgendes: einen Tag (außer einem Samstag oder or a Sunday) on which banks are open for Sonntag), an dem Banken in [relevante(s) general business in [relevant financial center(s)] Finanzzentrum(en)] [Frankfurt am Main] für [Frankfurt am Main] and on which the Clearing den allgemeinen Geschäftsverkehr geöffnet sind System is operational to effect payments and und an dem das Clearingsystem betriebsbereit ist, which is a TARGET Business Day.] um Zahlungen vorzunehmen, und der ein TARGET Geschäftstag ist.] [In the case the Specified Currency is not Euro [Wenn die Festgelegte Währung nicht Euro ist, the following applies: a day (other than a gilt folgendes: einen Tag (außer einem Samstag Saturday or a Sunday) on which commercial oder Sonntag), an dem Geschäftsbanken und banks and foreign exchange markets settle Devisenmärkte in [relevante(s) payments in [relevant financial center(s)].] Finanzzentrum(en)] Zahlungen abwickeln.] (5) References to Principal and Interest. References (5) Bezugnahmen auf Kapital und Zinsen. in these Terms and Conditions to principal in Bezugnahmen in diesen Emissionsbedingungen respect of the Notes shall be deemed to include, auf Kapital der Schuldverschreibungen as applicable: the principal amount per Note, schließen, soweit anwendbar, die folgenden Additional Amounts and any other premium and Beträge ein: den Nennbetrag je any other amounts which may be payable under Schuldverschreibung, Zusätzliche Beträge und or in respect of the Notes. References in these alle Aufschläge oder sonstigen auf die Terms and Conditions to interest in respect of the Schuldverschreibungen oder im Zusammenhang Notes shall be deemed to include, as applicable, damit gegebenenfalls zahlbaren Beträge. any Additional Amounts which may be payable Bezugnahmen in diesen Emissionsbedingungen under § 8. auf Zinsen auf die Schuldverschreibungen schließen, soweit anwendbar, sämtliche gegebenenfalls gemäß § 8 zahlbaren Zusätzlichen Beträge ein. (6) Deposit of Principal and Interest. The Issuer or (6) Hinterlegung von Kapital und Zinsen. Die the Guarantor, as the case may be, may deposit Emittentin bzw. die Garantin ist berechtigt, beim with the local court (Amtsgericht) in Frankfurt Amtsgericht Frankfurt am Main Kapital- oder am Main principal or interest not claimed by Zinsbeträge zu hinterlegen, die von den Holders within twelve months after the Maturity Gläubigern nicht innerhalb von zwölf Monaten Date, even though such Holders may not be in nach dem Fälligkeitstag beansprucht worden default of acceptance of payment. If and to the sind, auch wenn die Gläubiger sich nicht in extent that the deposit is effected and the right of Annahmeverzug befinden. Soweit eine solche withdrawal is waived, the respective claims of Hinterlegung erfolgt und auf das Recht der such Holders against the Issuer shall cease. Rücknahme verzichtet wird, erlöschen die diesbezüglichen Ansprüche der Gläubiger gegen die Emittentin. (7) Payments Subject to Applicable Law. Payments (7) Zahlungen vorbehaltlich von gesetzlichen will be subject in all cases to (i) any fiscal or Regelungen. Alle Zahlungen erfolgen unter other laws and regulations applicable thereto in Vorbehalt (i), unbeschadet der Regelungen in § 8, the place of payment, but without prejudice to sämtlichen steuerrechtlichen Regelungen oder the provisions of § 8 and (ii) any withholding or anderen Gesetzen und Regelungen, die solche deduction required pursuant to an agreement Zahlungen betreffen, und (ii) einer Einbehaltung described in Section 1471(b) of the U.S. Internal oder eines Abzugs gemäß Abschnitt 1471(b) des

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Revenue Code of 1986 (the "Code") or U.S. Internal Revenue Code von 1986 (der otherwise imposed pursuant to Sections 1471 "Code") oder anderer Regelungen gemäß den through 1474 of the Code, any regulations or Abschnitten 1471 bis 1474 des Codes sowie agreements thereunder, any official sämtlichen darunter erlassenen Vorschriften, interpretations thereof, or (without prejudice to förmlichen Interpretationen und (unbeschadet der the provisions of § 8) any law implementing an Regelungen in § 8) Umsetzungsakten, die auf intergovernmental approach thereto. zwischenstaatlichen Vereinbarungen beruhen. § 6 REDEMPTION § 6 RÜCKZAHLUNG

(1) Redemption at Maturity. Unless previously (1) Rückzahlung bei Endfälligkeit. Soweit nicht redeemed in whole or in part or purchased and zuvor bereits ganz oder teilweise zurückgezahlt cancelled, the Notes shall be redeemed at their oder angekauft und entwertet, werden die principal amount on [Maturity Date] (the Schuldverschreibungen zu ihrem Nennbetrag am "Maturity Date"). [Fälligkeitstag] (der "Fälligkeitstag") zurückgezahlt. (2) Early Redemption for Reasons of Taxation. If as (2) Vorzeitige Rückzahlung aus steuerlichen a result of any change in, or amendment to, the Gründen. Die Schuldverschreibungen können laws or regulations of the Relevant Taxing zum nächsten Zinszahlungstag insgesamt, jedoch Jurisdiction in respect of the Issuer or, as the nicht teilweise, nach Wahl der Emittentin mit case may be, the Guarantor affecting taxation or einer Kündigungsfrist von nicht weniger als 30 the obligation to pay duties of any kind, or any und nicht mehr als 60 Tagen durch Erklärung change in, or amendment to, an official gegenüber dem Fiscal Agent und gemäß § 15 interpretation or application of such laws or gegenüber den Gläubigern gekündigt und zu regulations, which amendment or change ihrem Nennbetrag zuzüglich bis zum für die becomes effective on or after the date on which Rückzahlung festgesetzten Tag (ausschließlich) the last tranche of this series of Notes was aufgelaufener Zinsen vorzeitig zurückgezahlt issued, the Issuer or, as the case may be, the werden, falls die Emittentin bzw. die Garantin als Guarantor is required to pay Additional Amounts Folge einer Änderung oder Ergänzung der on the next succeeding Interest Payment Date, Gesetze und Vorschriften der Maßgeblichen and this obligation cannot be avoided by the use Steuerjurisdiktion im Hinblick auf die Emittentin of measures available to the Issuer or, as the case bzw. die Garantin, die Steuern oder die may be, the Guarantor, which are, in the Verpflichtung zur Zahlung von Abgaben judgement of the Issuer or, as the case may be, jeglicher Art betreffen, oder als Folge einer the Guarantor, in each case taking into account Änderung oder Ergänzung der offiziellen the interests of Holders, reasonable, the Notes Auslegung oder Anwendung dieser Gesetze und may be redeemed, in whole but not in part, at the Vorschriften (vorausgesetzt, diese Änderung oder option of the Issuer, on the next Interest Payment Ergänzung wird am oder nach dem Tag der Date upon not more than 60 days' nor less than Begebung der letzten Tranche dieser Serie von 30 days' prior notice of redemption given to the Schuldverschreibungen wirksam) am Fiscal Agent and, in accordance with § 15 to the nächstfolgenden Zinszahlungstag zur Zahlung Holders, at the principal amount together with von Zusätzlichen Beträgen verpflichtet sein wird interest accrued to (but excluding) the date fixed und diese Verpflichtung nicht durch das for redemption. Ergreifen der Emittentin bzw. der Garantin zur Verfügung stehender Maßnahmen, die nach Auffassung der Emittentin bzw. der Garantin zumutbar sind (wobei jeweils die Interessen der Gläubiger zu berücksichtigen sind) vermieden werden kann. However, no such notice of redemption may be Eine solche Kündigung darf allerdings nicht given (i) earlier than 90 days prior to the earliest (i) früher als 90 Tage vor dem frühestmöglichen

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date on which the Issuer or, as the case may be, Termin erfolgen, an dem die Emittentin bzw. die the Guarantor would be obligated to pay such Garantin verpflichtet wäre, solche Zusätzlichen Additional Amounts if a payment in respect of Beträge zu zahlen, falls eine Zahlung auf die the Notes was then due, or (ii) if at the time such Schuldverschreibungen dann fällig wäre, oder notice is given, such obligation to pay such (ii) erfolgen, wenn zu dem Zeitpunkt, zu dem die Additional Amounts does not remain in effect. Kündigung erklärt wird, die Verpflichtung zur Zahlung von Zusätzlichen Beträgen nicht mehr wirksam ist. Any such notice shall be given in accordance Eine solche Kündigung hat gemäß § 15 zu with § 15. It shall be irrevocable, must specify erfolgen. Sie ist unwiderruflich, muss den für die the date fixed for redemption and must set forth Rückzahlung festgelegten Termin nennen und a statement in summary form of the facts eine zusammenfassende Erklärung enthalten, constituting the basis for the right of the Issuer welche die das Rückzahlungsrecht der Emittentin so to redeem. begründenden Umständen darlegt. (3) Early Redemption at the Option of the Holders (3) Vorzeitige Rückzahlung nach Wahl der Gläubiger upon a Change of Control. bei Vorliegen eines Kontrollwechsels. (a) If a Change of Control occurs after the Issue (a) Tritt nach dem Begebungstag ein Date, each Holder shall have the right, but not Kontrollwechsel ein, so ist jeder Gläubiger the obligation, to require the Issuer to redeem or, berechtigt, aber nicht verpflichtet, von der at the Issuer's option, purchase (or procure the Emittentin die vollständige oder teilweise purchase of) in whole or in part his Notes at the Rückzahlung oder, nach Wahl der Emittentin, principal amount per Note together with accrued den vollständigen oder teilweisen Ankauf (oder and unpaid interest up to (but excluding) the Put die Veranlassung eines Ankaufs) seiner Date (the "Put Option"). Such Put Option shall Schuldverschreibungen zum Nennbetrag je operate as set out below under § 6(3) (b)-(c). Schuldverschreibung zuzüglich bis zum Gläubigerwahl-Rückzahlungstag (ausschließlich) aufgelaufener aber noch nicht gezahlter Zinsen zu verlangen (das "Gläubiger- Rückzahlungswahlrecht"). Dieses Rückzahlungswahlrecht ist wie nachstehend unter § 6(3) (b)-(c) beschrieben auszuüben. A "Change of Control" shall be deemed to have Ein "Kontrollwechsel" gilt jedes Mal in einem occurred at each time (whether or not approved der folgenden Fälle als eingetreten (unabhängig by the board of executive directors or davon, ob der Vorstand oder der Aufsichtsrat der supervisory board of the Guarantor) that: Garantin zugestimmt hat), wenn: (i) in the event of a public tender offer for (i) im Fall eines öffentlichen shares of the Guarantor a situation arises in Übernahmeangebots für Aktien der which Garantin die Situation eintritt, dass (A) shares already directly or indirectly (A) Aktien, die sich bereits unmittelbar under the control of the bidder and/or oder mittelbar unter der Kontrolle des Persons acting in concert with the Bieters und/oder gemeinsam mit ihm bidder and shares which have already handelnder Personen befinden, und been tendered in the tender offer, bereits im Rahmen des carry in aggregate more than 50 per Übernahmeangebots eingereichte cent. of the voting rights in the Aktien insgesamt mehr als 50 % der Guarantor; and Stimmrechte der Garantin auf sich vereinen; und (B) the offer is or has become (B) das Angebot nicht oder nicht mehr

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unconditional (other than for von Bedingungen abhängig ist (mit conditions relating to regulatory, in Ausnahme von Bedingungen particular merger control, approvals hinsichtlich aufsichtsrechtlicher, and other conditions the satisfaction insbesondere of which may remain pending fusionskontrollrechtlicher, following the end of the acceptance Genehmigungen und anderer period pursuant to section 16(1) of Bedingungen, deren Erfüllung nach the German Takeover Act (Gesetz zur Ende der Annahmefrist gemäß § 16 Regelung von öffentlichen Angeboten Abs. 1 des Gesetzes zur Regelung von zum Erwerb von Wertpapieren und öffentlichen Angeboten zum Erwerb von Unternehmensübernahmen - von Wertpapieren und von WpÜG)); or Unternehmensübernahmen (WpÜG) noch offen bleiben kann); oder (ii) the Guarantor sells or otherwise transfers (ii) die Garantin ihr gesamtes oder im all or substantially all of its assets to any Wesentlichen ihr gesamtes Vermögen an Person (except for any Controlled eine Person (die keine Abhängige Subsidiary). Tochtergesellschaft ist) verkauft oder in sonstiger Weise überträgt. "Control" means any direct or indirect legal or "Kontrolle" bezeichnet das unmittelbare oder beneficial ownership or any legal or beneficial mittelbare rechtliche oder wirtschaftliche entitlement (as defined in section 22 of the Eigentum oder eine rechtliche oder German Securities Trading Act wirtschaftliche Berechtigung (im Sinne von § 22 (Wertpapierhandelsgesetz - WpHG) of, in the des Wertpapierhandelsgesetzes (WpHG)) an aggregate, more than 50 per cent. of the voting insgesamt mehr als 50 % der stimmberechtigten shares of the Guarantor. Aktien der Garantin. "Controlled Subsidiary" means any entity "Abhängige Tochtergesellschaft" bezeichnet ein controlled (abhängiges Unternehmen) by the von der Garantin im Sinne von § 17 des Guarantor within the meaning of section 17 of Aktiengesetzes (AktG) abhängiges Unternehmen. the German Stock Corporation Act (Aktiengesetz). (b) If a Change of Control occurs, then the Issuer (b) Tritt ein Kontrollwechsel ein, so teilt die shall, without undue delay, after the Guarantor Emittentin dies unverzüglich, nachdem die becoming aware thereof, give notice of the Garantin davon Kenntnis erlangt hat, den Change of Control (a "Put Event Notice") to the Gläubigern gemäß § 15 mit (eine Holders in accordance with § 15 specifying the "Gläubigerwahl- Rückzahlungsereignis- nature of the Change of Control and the Mitteilung") und gibt dabei die Art des procedure for exercising the Put Option Kontrollwechsels und das in diesem § 6(3) contained in this § 6(3) (including the vorgesehene Verfahren zur Ausübung des information on the Clearing System account of Gläubiger-Rückzahlungswahlrechts an (mit the Paying Agent for purposes of subparagraph Angaben zum Clearingsystem-Konto der (c)(ii)(x) of this § 6(3)). Zahlstelle für die Zwecke von Teilziffer (c)(ii)(x) dieses § 6(3)). (c) To exercise the Put Option, the Holder must (c) Zur Ausübung des Gläubiger- deliver on any Business Day within 30 days after Rückzahlungswahlrechts muss der Gläubiger an a Put Event Notice has been published (the "Put einem Geschäftstag innerhalb von 30 Tagen, Period") (i) to the Fiscal Agent at its specified nachdem die Gläubiger-Rückzahlungsereignis- office a duly signed and completed notice of Mitteilung bekannt gegeben wurde (der exercise in the then current form obtainable from "Ausübungszeitraum"), (i) bei der bezeichneten

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the Fiscal Agent (a "Put Notice") and (ii) the Geschäftsstelle des Fiscal Agent eine aggregate Specified Denomination of Notes for ordnungsgemäß ausgefüllte und unterzeichnete which the Holder wishes to exercise its Put Ausübungserklärung in der jeweils bei dem Option either by transferring such Notes to the Fiscal Agent erhältlichen maßgeblichen Form Clearing System account of the Paying Agent or einreichen (die "Ausübungserklärung") und by withdrawal of such Notes from such Holder's (ii) Schuldverschreibungen in Höhe des account in accordance with the procedures of the Gesamtbetrags der Festgelegten Stückelung Clearing System. The Issuer shall redeem or, at einreichen, für die der Gläubiger sein Gläubiger- its option, purchase (or procure the purchase of) Rückzahlungswahlrecht ausüben möchte, und the relevant Note(s) on the date (the "Put Date") zwar entweder durch Übertragung dieser seven days after the expiration of the Put Period Schuldverschreibungen auf das Clearingsystem- unless previously redeemed or purchased and Konto der Zahlstelle oder durch Ausbuchung cancelled. Payment in respect of any Note so dieser Schuldverschreibungen aus dem delivered will be made in accordance with the Wertpapierdepot des Gläubigers gemäß den customary procedures through the Clearing Verfahren des Clearingsystems. Die Emittentin System. A Put Notice, once given, shall be wird die betreffende(n) Schuldverschreibung(en) irrevocable.] sieben Tage nach Ablauf des Ausübungszeitraums (der "Rückzahlungstag") zurückzahlen oder nach ihrer Wahl ankaufen (oder ankaufen lassen), soweit sie nicht bereits vorher zurückgezahlt oder angekauft und entwertet wurde(n). Die Zahlung in Bezug auf solchermaßen eingereichte Schuldverschreibungen erfolgt gemäß den üblichen Verfahren über das Clearingsystem. Eine einmal abgegebene Ausübungserklärung ist unwiderruflich.] [If the Notes are subject to Early Redemption in [Im Falle einer Vorzeitigen Rückzahlung nach case of minimal outstanding aggregate Wahl der Emittentin bei geringem principal amount of the Notes, the following ausstehendem Gesamtnennbetrag der applies: Schuldverschreibungen, gilt folgendes: (4) Early Redemption in case of minimal (4) Vorzeitige Rückzahlung bei geringem outstanding aggregate principal amount of the ausstehenden Gesamtnennbetrag der Notes. If 80 per cent. or more of the aggregate Schuldverschreibungen. Wenn 80 % oder mehr principal amount of the Notes then outstanding des Gesamtnennbetrags der zum betreffenden have been redeemed or purchased by the Issuer, Zeitpunkt ausstehenden Schuldverschreibungen the Guarantor or any direct or indirect nach diesem § 6 von der Emittentin, der Garantin Subsidiary of the Guarantor pursuant to the oder einer direkten oder indirekten provisions of this § 6, the Issuer may, on not less Tochtergesellschaft der Garantin zurückgezahlt than 30 or more than 60 days' notice to the oder angekauft wurden, ist die Emittentin Holders given in accordance with § 15, redeem berechtigt, nach vorheriger Bekanntmachung at any time, at its option, the remaining Notes as gegenüber den Gläubigern gemäß § 15 mit einer a whole at the principal amount thereof plus Frist von mindestens 30 und höchstens 60 Tagen interest accrued to but excluding the date of such nach ihrer Wahl alle ausstehenden redemption on the next Interest Payment Date.] Schuldverschreibungen zum Nennbetrag zuzüglich bis zum Rückzahlungstag (ausschließlich) aufgelaufener Zinsen am nächsten Zinszahlungstag zurück zu zahlen.]

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§ 7 FISCAL AGENT, PAYING AGENT AND § 7 FISCAL AGENT, ZAHLSTELLE UND CALCULATION AGENT BERECHNUNGSSTELLE (1) Appointment; Specified Office. The initial Fiscal (1) Bestellung; bezeichnete Geschäftsstelle. Der Agent, the initial Paying Agent and the initial anfänglich bestellte Fiscal Agent, die anfänglich Calculation Agent and their initial specified bestellte Zahlstelle und die anfänglich bestellte offices shall be: Berechnungsstelle und deren anfänglich bezeichneten Geschäftsstellen lauten wie folgt: "Fiscal Agent and Paying Agent": "Fiscal Agent und Zahlstelle": Deutsche Bank Aktiengesellschaft Deutsche Bank Aktiengesellschaft Taunusanlage 12 Taunusanlage 12 60325 Frankfurt am Main 60325 Frankfurt am Main Federal Republic of Germany Bundesrepublik Deutschland "Calculation Agent": "Berechnungsstelle": [Deutsche Bank Aktiengesellschaft [Deutsche Bank Aktiengesellschaft Taunusanlage 12 Taunusanlage 12 60325 Frankfurt am Main 60325 Frankfurt am Main Federal Republic of Germany] [name and Bundesrepublik Deutschland] [Name und specified office] bezeichnete Geschäftsstelle] The Fiscal Agent, Paying Agent and the Der Fiscal Agent, die Zahlstelle und die Calculation Agent reserve the right at any time to Berechnungsstelle behalten sich das Recht vor, change their specified offices to some other jederzeit ihre bezeichneten Geschäftsstellen office in the same city. durch eine andere Geschäftsstelle in derselben Stadt zu ersetzen. (2) Variation or Termination of Appointment. The (2) Änderung oder Beendigung der Bestellung. Die Issuer reserves the right at any time to vary or Emittentin behält sich das Recht vor, jederzeit terminate the appointment of the Fiscal Agent or die Bestellung des Fiscal Agent oder einer any Paying Agent or the Calculation Agent and Zahlstelle oder der Berechnungsstelle zu ändern to appoint another Fiscal Agent or additional or oder zu beenden und einen anderen Fiscal Agent other Paying Agents or another Calculation oder zusätzliche oder andere Zahlstellen oder Agent. The Issuer shall at all times maintain a eine andere Berechnungsstelle zu bestellen. Die Fiscal Agent, a Paying Agent [,][and] a Emittentin wird zu jedem Zeitpunkt einen Fiscal Calculation Agent [in the case of payments in Agent, eine Zahlstelle [,][und] eine U.S. dollars the following applies: and if Berechnungsstelle [im Fall von Zahlungen in payments at or through the offices of all Paying US-Dollar gilt folgendes: und falls Zahlungen Agents outside the United States (as defined in bei den oder durch die Geschäftsstellen aller § 1[(7)]) become illegal or are effectively Zahlstellen außerhalb der Vereinigten Staaten precluded because of the imposition of exchange (wie in § 1[(7)] definiert) aufgrund der controls or similar restrictions on the full Einführung von Devisenbeschränkungen oder payment or receipt of such amounts in United ähnlichen Beschränkungen hinsichtlich der States dollar, a Paying Agent with a specified vollständigen Zahlung oder des Empfangs der office in New York City]. Any variation, entsprechenden Beträge in US-Dollar termination, appointment or other change shall widerrechtlich oder tatsächlich ausgeschlossen only take effect (other than in the case of werden, eine Zahlstelle mit bezeichneter insolvency, when it shall be of immediate effect) Geschäftsstelle in New York City] unterhalten. after not less than 30 nor more than 45 days' Eine Änderung, Beendigung, Bestellung oder ein prior notice thereof shall have been given to the sonstiger Wechsel wird nur wirksam (außer im Holders in accordance with § 15. Insolvenzfall, in dem eine solche Änderung sofort wirksam wird), sofern die Gläubiger

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hierüber gemäß § 15 vorab unter Einhaltung einer Frist von mindestens 30 und nicht mehr als 45 Tagen informiert wurden. (3) Agent of the Issuer. The Fiscal Agent, the Paying (3) Erfüllungsgehilfe der Emittentin. Der Fiscal Agent, the Calculation Agent and any other Agent, die Zahlstelle, die Berechnungsstelle und paying agent appointed pursuant to subsection jede andere nach Absatz (2) bestellte Zahlstelle (2) act solely as the agents of the Issuer and do handeln ausschließlich als Erfüllungsgehilfen der not assume any obligations towards or Emittentin und übernehmen keinerlei relationship of agency or trust for any Holder. Verpflichtungen gegenüber den Gläubigern und es wird kein Auftrags- oder Treuhandverhältnis zwischen ihnen und den Gläubigern begründet. § 8 TAXATION § 8 BESTEUERUNG

All amounts payable in respect of the Notes shall Alle in Bezug auf die Schuldverschreibungen zu be made, and the Guarantee shall provide that all zahlenden Beträge werden ohne Einbehalt oder amounts payable in respect of such Guarantee Abzug von oder aufgrund von gegenwärtigen shall be made, without withholding or deduction oder zukünftigen Steuern oder Abgaben gleich for or on account of any present or future taxes welcher Art gezahlt, die von oder im Namen or duties of whatever nature imposed or levied at eines Landes, in dem die Emittentin bzw. die source by way of withholding or deduction by or Garantin gegründet wurde, geschäftstätig, on behalf of any jurisdiction in which the Issuer steuerlich ansässig oder grundsätzlich mit ihren or the Guarantor, as applicable, is organised, Nettoeinkünften steuerpflichtig ist oder über das engaged in business, resident for tax purposes or oder aus dem Zahlungen auf die generally subject to tax on a net income basis or Schuldverschreibungen bzw. die Garantie through or from which payment on the Notes or geleistet werden, oder einer the Guarantee, as applicable, is made or any steuererhebungsberechtigten Gebietskörperschaft political subdivision or any authority thereof or oder Steuerbehörde dieses Landes (jeweils eine therein having power to tax (each, a "Relevant "Maßgebliche Steuerjurisdiktion") im Wege Taxing Jurisdiction"), unless such withholding des Abzugs oder Einbehalts an der Quelle or deduction is required by law. If such auferlegt oder erhoben werden, und die Garantie withholding with respect to amounts payable in muss entsprechende Bestimmungen für alle in respect of the Notes is required by law, the Issuer Bezug auf diese Garantie zu zahlenden Beträge will pay, and the Guarantee shall provide that, if enthalten, es sei denn, ein solcher Abzug oder such withholding with respect to amounts Einbehalt ist gesetzlich vorgeschrieben. Ist ein payable in respect of such Guarantee is required Einbehalt in Bezug auf zu zahlenden Beträge auf by law, the Guarantor will pay, such additional die Schuldverschreibungen gesetzlich amounts (the "Additional Amounts") as shall be vorgeschrieben, so wird die Emittentin necessary in order that the net amounts received diejenigen zusätzlichen Beträge (die by the Holders, after such withholding or "Zusätzlichen Beträge") zahlen, die erforderlich deduction shall equal the respective amounts sind, damit die den Gläubigern zufließenden which would otherwise have been receivable in Nettobeträge nach einem solchen Einbehalt oder the absence of such withholding or deduction; Abzug jeweils den Beträgen entsprechen, die except that no such Additional Amounts shall be ohne einen solchen Einbehalt oder Abzug von payable on account of any taxes or duties which: den Gläubigern erhalten worden wären - und die Garantie muss eine entsprechende Verpflichtung der Garantin vorsehen, falls ein solcher Einbehalt bei in Bezug auf diese Garantie zu zahlenden Beträge gesetzlich vorgeschrieben ist -; eine Verpflichtung zur Zahlung solcher Zusätzlichen Beträge besteht jedoch nicht für solche Steuern

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oder Abgaben: (a) are payable by any Person acting as (a) die von einer als Depotbank oder custodian bank or collecting agent on Inkassobeauftragter im Namen eines behalf of a Holder, or otherwise in any Gläubigers handelnden Person zu manner which does not constitute a entrichten sind oder sonst auf andere Weise deduction or withholding by the Issuer or zu entrichten sind als dadurch, dass die the Guarantor, as applicable, from Emittentin bzw. die Garantin von den von payments of principal or interest made by ihr zu leistenden Zahlungen von Kapital it, or oder Zinsen einen Abzug oder Einbehalt vornimmt, oder (b) are payable by reason of the Holder (b) die aufgrund einer bestehenden oder having, or having had, some personal or früheren persönlichen oder geschäftlichen business connection with the Relevant Beziehung des Gläubigers zur Taxing Jurisdiction and not merely by Maßgeblichen Steuerjurisdiktion zu zahlen reason of the fact that payments in respect sind, und nicht allein deshalb, weil of the Notes or the Guarantee, as Zahlungen auf die Schuldverschreibungen applicable, are, or for purposes of taxation bzw. die Garantie aus Quellen in der are deemed to be, derived from sources in, Maßgeblichen Steuerjurisdiktion stammen or are secured in, the Relevant Taxing (oder für Zwecke der Besteuerung so Jurisdiction, or behandelt werden) oder dort besichert sind, oder (c) are deducted or withheld pursuant to (i) (c) die aufgrund (i) einer Richtlinie oder any European Union Directive or Verordnung der Europäischen Union Regulation concerning the taxation of betreffend die Besteuerung von interest income, or (ii) any international Zinserträgen oder (ii) zwischenstaatlicher treaty or understanding relating to such Abkommen oder Vereinbarungen über taxation and to which the Federal Republic deren Besteuerung, an denen die of Germany or the Kingdom of the Bundesrepublik Deutschland oder das Netherlands or the European Union is a Königreich Niederlande oder die party, or (iii) any provision of law Europäische Union beteiligt ist, oder implementing, or complying with, or (iii) einer gesetzlichen Vorschrift, die der introduced to conform with, such Umsetzung dieser Richtlinie, Verordnung Directive, Regulation, treaty or oder dieses Abkommens oder dieser understanding, or Vereinbarung dient, diesen entspricht oder zur Anpassung an diese eingeführt wurde, abzuziehen oder einzubehalten sind, oder (d) would not have been imposed or withheld (d) die nicht erhoben oder einbehalten worden but for the failure of the Holder or wären, wenn es der Gläubiger oder der beneficial owner of Notes (including, for wirtschaftliche Eigentümer der these purposes, any financial institution Schuldverschreibungen (für die through which the Holder or beneficial vorliegenden Zwecke einschließlich owner holds the Notes or through which Finanzinstitute, über die der Gläubiger oder payment on the Notes is made), following wirtschaftliche Eigentümer die a written request by or on behalf of the Schuldverschreibungen hält oder über die Issuer or the Guarantor addressed to the Zahlungen auf die Schuldverschreibungen Holder or beneficial owner (and made at a erfolgen) nicht unterlassen hätte, nach einer time that would enable the Holder or an den Gläubiger oder wirtschaftlichen beneficial owner acting reasonably to Eigentümer gerichteten schriftlichen comply with that request, and in all events, Aufforderung der Emittentin, der Garantin

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at least 30 days before any withholding or oder in deren Namen (die so rechtzeitig deduction would be required), to comply erfolgt, dass der Gläubiger bzw. der with any certification, identification, wirtschaftliche Eigentümer dieser information or other reporting requirement Aufforderung mit zumutbaren whether required by statute, treaty, Anstrengungen nachkommen kann, in regulation or administrative practice of a jedem Fall aber mindestens 30 Tage, bevor Relevant Taxing Jurisdiction, that is a ein Einbehalt oder Abzug erforderlich precondition to exemption from, or wäre), einer aufgrund von Gesetzen, reduction in the rate of deduction or Abkommen, Verordnungen oder der withholding of, taxes imposed by the Verwaltungspraxis in einer Maßgeblichen Relevant Taxing Jurisdiction (including, Steuerjurisdiktion vorgeschrieben without limitation, a certification that the Bescheinigungs-, Identifizierungs-, Holder or beneficial owner is not resident Informations-, oder sonstigen in the Relevant Taxing Jurisdiction), but in Nachweispflicht nachzukommen, die each case, only to the extent the Holder or Voraussetzung für eine Befreiung von in beneficial owner is legally entitled to der Maßgeblichen Steuerjurisdiktion provide such certification, information or erhobenen Steuern oder eine Reduzierung documentation, or der Höhe des Abzugs oder Einbehalts solcher Steuern ist (u. a. eine Bescheinigung, dass der Gläubiger bzw. der wirtschaftliche Eigentümer nicht in der Maßgeblichen Steuerjurisdiktion ansässig ist), jedoch jeweils nur, soweit der Gläubiger bzw. der wirtschaftliche Eigentümer rechtlich berechtigt ist, die Bescheinigung, Information oder Dokumentation vorzulegen, oder (e) are payable by reason of a change in law (e) die wegen einer Rechtsänderung zu zahlen that becomes effective more than 30 days sind, welche später als 30 Tage nach after the relevant payment becomes due, or Fälligkeit der betreffenden Zahlung oder, is duly provided for and notice thereof is wenn dies später erfolgt, ordnungsgemäßer published in accordance with § 15, Bereitstellung aller fälligen Beträge und whichever occurs later, or einer diesbezüglichen Bekanntmachung gemäß § 15 wirksam wird, oder (f) any combinations of items (a)-(e), (f) jegliche Kombination der Absätze (a)-(e). nor shall any Additional Amounts be paid with Zudem werden keine Zusätzlichen Beträge im respect to any payment on a Note to a Holder Hinblick auf Zahlungen auf die who is a fiduciary or partnership or who is other Schuldverschreibungen an einen Gläubiger than the sole beneficial owner of such payment gezahlt, welcher die Zahlung als Treuhänder oder to the extent such payment would be required by Personengesellschaft oder als sonstiger nicht the laws of the Relevant Taxing Jurisdiction to alleiniger wirtschaftlicher Eigentümer der be included in the income, for tax purposes, of a Zahlung erhält, soweit nach den Gesetzen der beneficiary or settlor with respect to such Maßgeblichen Steuerjurisdiktion eine solche fiduciary or a member of such partnership or a Zahlung für Steuerzwecke dem Einkommen des beneficial owner who would not have been Begünstigten bzw. Gründers eines entitled to such Additional Amounts had such Treuhandvermögens oder eines Gesellschafters beneficiary, settlor, member or beneficial owner der Personengesellschaft zugerechnet würde, der been the Holder of the Note. jeweils selbst nicht zum Erhalt von Zusätzlichen Beträgen berechtigt gewesen wäre, wenn der

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Begünstigte, Gründer eines Treuhandvermögens, Gesellschafter oder wirtschaftliche Eigentümer selbst Gläubiger der Schuldverschreibungen wäre. For the avoidance of doubt, the withholding tax Zur Klarstellung wird festgehalten, dass die (Kapitalertragsteuer) currently levied in the gegenwärtig in der Bundesrepublik Deutschland Federal Republic of Germany at the level of the gemäß dem zum Begebungstag geltenden custodian bank and the solidarity surcharge Steuerrecht auf der Ebene der Depotbank (Solidaritätszuschlag) imposed thereon pursuant erhobene Kapitalertragsteuer und der darauf to tax law as in effect as of the Issue Date do not anfallende Solidaritätszuschlag keine Steuern constitute a tax or duty as described above in oder Abgaben der vorstehend beschriebenen Art respect of which Additional Amounts would be darstellen, für die von der Emittentin Zusätzliche payable by the Issuer. Beträge zu zahlen wären. § 9 PRESENTATION PERIOD § 9 VORLEGUNGSFRIST

The presentation period provided in section 801 Die in § 801 Abs. 1 Satz 1 BGB bestimmte paragraph 1, sentence 1 German Civil Code Vorlegungsfrist wird für die (Bürgerliches Gesetzbuch) is reduced to ten Schuldverschreibungen auf zehn Jahre verkürzt. years for the Notes. § 10 EVENTS OF DEFAULT § 10 KÜNDIGUNGSGRÜNDE

(1) Events of default. If an Event of Default occurs (1) Kündigungsgründe. Tritt ein Kündigungsgrund and is continuing, each Holder shall be entitled ein und dauert dieser an, so ist jeder Gläubiger to declare due and payable by submitting a berechtigt, seine sämtlichen Forderungen aus den Termination Notice pursuant to § 10(2) to the Schuldverschreibungen durch Abgabe einer Paying Agent its entire claims arising from the Kündigungserklärung gemäß § 10(2) gegenüber Notes and demand immediate redemption der Zahlstelle fällig zu stellen und deren thereof at the principal amount together with unverzügliche Rückzahlung zu ihrem accrued interest (if any) to (but excluding) the Nennbetrag, zuzüglich etwaiger bis zum Tage der date of repayment. Each of the following is an Rückzahlung (ausschließlich) aufgelaufener "Event of Default": Zinsen zu verlangen. Jedes der folgenden Ereignisse stellt einen "Kündigungsgrund" dar: (a) the Issuer or, failing which, the Guarantor (a) die Emittentin oder, falls diese nicht leistet, fails to pay principal, interest or any other die Garantin zahlt auf die amounts due under the Notes or the Schuldverschreibungen bzw. die Garantie Guarantee within 30 days from the relevant fällige Kapital- oder Zinsbeträge oder due date; or sonstige Beträge nicht innerhalb von 30 Tagen nach Fälligkeit; oder (b) the Issuer or the Guarantor fails to duly (b) die Emittentin oder die Garantin erfüllt perform any other obligation arising from irgendeine andere Verpflichtung aus den the Notes or the Guarantee and such Schuldverschreibungen bzw. der Garantie failure, if capable of remedy, continues nicht und die Nichterfüllung dauert - sofern unremedied for more than 60 days after the sie geheilt werden kann - jeweils länger als Paying Agent has received a written 60 Tage fort, nachdem die Zahlstelle eine request thereof in the manner set forth in schriftliche Aufforderung in der in § 10(2) § 10(2) from a Holder to perform such vorgesehenen Art und Weise von einem obligation; or Gläubiger erhalten hat, die Verpflichtung zu erfüllen; oder

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(c) (i) any Financial Indebtedness of the (c) (i) eine (nicht im Rahmen der Guarantor or any Material Subsidiary Schuldverschreibungen bestehende) (other than under the Notes) becomes due Finanzverbindlichkeit der Garantin oder and payable prior to its specified maturity einer Wesentlichen Tochtergesellschaft (whether by declaration, automatic wird infolge eines Kündigungsgrunds acceleration or otherwise) as a result of an (unabhängig von der Bezeichnung) vor event of default (howsoever described), or ihrer festgelegten Fälligkeit fällig und (ii) any Financial Indebtedness of the zahlbar (sei es durch Kündigung, Guarantor or any Material Subsidiary automatische vorzeitige Fälligstellung oder (other than under the Notes) is not paid auf andere Weise) oder (ii) eine (nicht im within 30 days from its due date nor within Rahmen der Schuldverschreibungen any originally applicable or subsequently bestehende) Finanzverbindlichkeit der agreed grace period, provided that the Garantin oder einer Wesentlichen aggregate amount of Financial Tochtergesellschaft wird weder innerhalb Indebtedness falling within (i) and (ii) von 30 Tagen nach Fälligkeit noch above amounts to at least EUR 25,000,000 innerhalb einer ursprünglich geltenden oder (or its equivalent in other currencies). For nachträglich vereinbarten Nachfrist gezahlt, the avoidance of doubt, this jeweils mit der Maßgabe, dass der subparagraph (1)(c) shall not apply, where Gesamtbetrag der Finanzverbindlichkeiten the Guarantor or the relevant Material nach (i) und (ii) mindestens Subsidiary contests in good faith that such EUR 25.000.000 (oder den Gegenwert in payment obligation exists or is due; or einer anderen Währung) beträgt. Zur Klarstellung wird festgehalten, dass dieser Absatz (1)(c) keine Anwendung findet, wenn die Garantin oder die jeweilige Wesentliche Tochtergesellschaft in gutem Glauben bestreitet, dass diese Zahlungsverpflichtung besteht oder fällig ist; oder (d) the Guarantor or any Material Subsidiary (d) die Garantin oder eine Wesentliche announces its inability to meet its financial Tochtergesellschaft gibt ihre obligations or ceases its payments Zahlungsunfähigkeit bekannt oder stellt generally; or ihre Zahlungen generell ein; oder (e) insolvency proceedings against the (e) gegen die Garantin oder eine Wesentliche Guarantor or any Material Subsidiary are Tochtergesellschaft wird ein instituted and have not been discharged or Insolvenzverfahren eingeleitet und nicht stayed within 90 days, or the Guarantor or innerhalb von 90 Tagen aufgehoben oder any Material Subsidiary applies for or ausgesetzt, oder die Garantin oder eine institutes such proceedings; or Wesentliche Tochtergesellschaft beantragt die Eröffnung eines solchen Verfahrens oder leitet ein solches Verfahren ein; oder (f) the Guarantor or the Issuer enters into (f) die Garantin oder die Emittentin geht in liquidation unless this is done in Liquidation, es sei denn, dies geschieht im connection with a merger or other form of Zusammenhang mit einer Verschmelzung combination with another company and oder einer anderen Form des such company assumes all obligations of Zusammenschlusses mit einer anderen the Issuer in connection with the Notes or Gesellschaft und die andere Gesellschaft the Guarantor in connection with the übernimmt alle Verpflichtungen, die die Guarantee, as applicable; or Emittentin im Zusammenhang mit den

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Schuldverschreibungen bzw. die Garantin im Zusammenhang mit der Garantie eingegangen ist; oder (g) any governmental order, decree or (g) in der Bundesrepublik Deutschland oder enactment is made in or by the Federal dem Königreich Niederlande werden Republic of Germany or the Kingdom of Gesetze, Verordnungen oder behördliche the Netherlands whereby the Issuer or the Anordnungen erlassen, aufgrund derer die Guarantor is prevented from observing and Emittentin oder die Garantin daran performing in full its obligations under the gehindert wird, ihre Verpflichtungen aus Notes or the Guarantee and this situation is den Schuldverschreibungen bzw. der not cured within 90 days; or Garantie in vollem Umfang nachzukommen und zu erfüllen und dieser Umstand wird nicht binnen 90 Tagen behoben; oder (h) cessation of business operations of the (h) Einstellung des Geschäftsbetriebs der Guarantor or the Issuer; or Garantin oder der Emittentin; oder (i) the Guarantee ceases to be in full force and (i) die Garantie verliert ihre volle Wirkung effect or is declared null and void in a oder wird in einem Gerichtsverfahren für judicial proceeding. unwirksam erklärt. (2) Termination Notices. Any notice by a Holder (2) Kündigungserklärungen. Eine Erklärung eines (i) in accordance with § 10(1)(b) or (ii) to Gläubigers (i) gemäß § 10(1)(b) oder (ii) zur terminate its Notes in accordance with § 10 (a Kündigung seiner Schuldverschreibungen gemäß "Termination Notice") shall be made by means § 10 (eine "Kündigungserklärung") hat in der of a written declaration to the Fiscal Agent in the Weise zu erfolgen, dass der Gläubiger dem Fiscal German or English language delivered by hand Agent eine entsprechende schriftliche Erklärung or registered mail together with evidence by in deutscher oder englischer Sprache übergibt means of a certificate of the Holder's Custodian oder durch eingeschriebenen Brief übermittelt (as defined in § 17(3)) that such Holder, at the und dabei durch eine Bescheinigung seiner time of such Termination Notice, is a holder of Depotbank (wie in § 17(3) definiert) nachweist, the relevant Notes. dass er die betreffenden Schuldverschreibungen zum Zeitpunkt der Kündigungserklärung hält. (3) Cure. For the avoidance of doubt, the right to (3) Heilung. Zur Klarstellung wird festgehalten, dass declare Notes due in accordance with this § 10 das Recht zur Kündigung der shall terminate if the situation giving rise to it Schuldverschreibungen gemäß diesem § 10 has been cured before the right is exercised. erlischt, falls der Kündigungsgrund vor Ausübung des Rechts geheilt wurde. (4) Quorum. In the events specified in § 10(1)(b) (4) Quorum. In den Fällen gemäß § 10 (1)(b) und and § 10(1)(c), any notice declaring Notes due §10(1)(c) wird eine Kündigungserklärung, sofern shall, unless at the time such notice is received nicht bei deren Eingang zugleich einer der in any of the events specified in § 10(1)(a) and § 10(1)(a) und § 10(1)(d)-(i) bezeichneten § 10(1)(d)-(i) entitling Holders to declare their Kündigungsgründe vorliegt, erst wirksam, wenn Notes due has occurred, become effective only bei der Zahlstelle Kündigungserklärungen von when the Paying Agent has received such default Gläubigern im Nennbetrag von mindestens 10 % notices from the Holders representing at least 10 des Gesamtnennbetrages der zu diesem Zeitpunkt per cent. of the aggregate principal amount of noch insgesamt ausstehenden the Notes then outstanding. Schuldverschreibungen eingegangen sind.

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§ 11 COVENANTS § 11 VERPFLICHTUNGSERKLÄRUNGEN (1) Limitations on Incurrence of Financial (1) Beschränkungen für das Eingehen von Indebtedness. The Guarantor has undertaken in Finanzverbindlichkeiten. Die Garantin hat sich in the Guarantee that it will not, and will procure der Garantie verpflichtet, nach dem that none of its Subsidiaries will, after the Issue Begebungstag keine Finanzverbindlichkeiten Date, incur any Financial Indebtedness if, einzugehen und sicherzustellen, dass ihre immediately after giving effect to the incurrence Tochtergesellschaften nach dem Begebungstag of such additional Financial Indebtedness and keine Finanzverbindlichkeiten eingehen, wenn the application of the net proceeds of such jeweils unmittelbar nach Wirksamwerden des incurrence, Eingehens solcher weiterer Finanzverbindlichkeiten und der Verwendung des damit erzielten Nettoerlöses eine der folgenden Bedingungen erfüllt wären: (a) the sum of (i) the Consolidated Financial (a) die Summe aus (i) den Konsolidierten Indebtedness of the Group as of the Finanzverbindlichkeiten der Gruppe zum immediately preceding Reporting Date for unmittelbar vorangegangenen which Consolidated Financial Statements Berichtsstichtag, zu dem ein of the Guarantor have been published and Konzernabschluss der Garantin (ii) the Net Nominal Financial veröffentlicht wurde, und (ii) dem Indebtedness incurred since the Nennbetrag der Finanzverbindlichkeiten immediately preceding Reporting Date for (netto), die seit dem unmittelbar which Consolidated Financial Statements vorangegangenen Berichtsstichtag of the Guarantor have been published eingegangen wurden, zu dem ein would exceed 60 per cent. of the sum of Konzernabschluss der Garantin (without duplication) (x) Total Assets as of veröffentlicht wurde, würde einen Betrag in the immediately preceding Reporting Date Höhe von 60 % der Summe (unter for which Consolidated Financial Ausschluss einer Doppelberücksichtigung) Statements of the Guarantor have been aus (x) der Bilanzsumme zum unmittelbar published, (y) the purchase price of any vorangegangenen Berichtsstichtag, zu dem Real Estate Property acquired or contracted ein Konzernabschluss der Garantin for acquisition since the immediately veröffentlicht wurde, (y) dem Kaufpreis für preceding Reporting Date for which Immobilienvermögen, das seit dem Consolidated Financial Statements of the unmittelbar vorangegangenen Guarantor have been published and (z) the Berichtsstichtag, zu dem ein proceeds of any Financial Indebtedness Konzernabschluss der Garantin incurred since the immediately preceding veröffentlicht wurde, erworben wurde oder Reporting Date for which Consolidated für dessen Erwerb seit diesem Zeitpunkt Financial Statements of the Guarantor have eine Verpflichtung eingegangen wurde, und been published (but only to the extent such (z) dem Erlös aus Finanzverbindlichkeiten, proceeds were not used to acquire Real die seit dem unmittelbar vorangegangenen Estate Property or to reduce Financial Berichtsstichtag eingegangen wurden, zu Indebtedness); or dem ein Konzernabschluss der Garantin veröffentlicht wurde (jedoch nur soweit dieser Erlös nicht zum Erwerb von Immobilienvermögen oder zur Verringerung von Finanzverbindlichkeiten verwendet wurde) übersteigen; oder (b) the sum of (i) the Consolidated Secured (b) die Summe aus (i) den Besicherten Financial Indebtedness of the Group as of Konsolidierten Finanzverbindlichkeiten der

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the immediately preceding Reporting Date Gruppe zum unmittelbar vorangegangenen for which Consolidated Financial Berichtsstichtag, zu dem ein Statements of the Guarantor have been Konzernabschluss der Garantin published and (ii) the Net Nominal Secured veröffentlicht wurde, und (ii) dem Financial Indebtedness incurred since the Nennbetrag der Besicherten immediately preceding Reporting Date for Finanzverbindlichkeiten (netto), die seit which Consolidated Financial Statements dem unmittelbar vorangegangenen of the Guarantor have been published Berichtsstichtag eingegangen wurden, zu would exceed 45 per cent. of the sum of dem ein Konzernabschluss der Garantin (without duplication) (x) Total Assets as of veröffentlicht wurde, würde einen Betrag in the immediately preceding Reporting Date Höhe von 45 % der Summe (unter for which Consolidated Financial Ausschluss einer Doppelberücksichtigung) Statements of the Guarantor have been aus (x) der Bilanzsumme zum unmittelbar published, (y) the purchase price of any vorangegangenen Berichtsstichtag, zu dem Real Estate Property acquired or contracted ein Konzernabschluss der Garantin for acquisition since the immediately veröffentlicht wurde, (y) dem Kaufpreis für preceding Reporting Date for which Immobilienvermögen, das seit dem Consolidated Financial Statements of the unmittelbar vorangegangenen Guarantor have been published and (z) the Berichtsstichtag, zu dem ein proceeds of any Financial Indebtedness Konzernabschluss der Garantin incurred since the immediately preceding veröffentlicht wurde, erworben wurde oder Reporting Date for which Consolidated für dessen Erwerb seit diesem Zeitpunkt Financial Statements of the Guarantor have eine Verpflichtung eingegangen wurde, und been published (but only to the extent such (z) dem Erlös aus Finanzverbindlichkeiten, proceeds were not used to acquire Real die seit dem unmittelbar vorangegangenen Estate Property or to reduce Financial Berichtsstichtag eingegangen wurden, zu Indebtedness). dem ein Konzernabschluss der Garantin veröffentlicht wurde (jedoch nur soweit dieser Erlös nicht zum Erwerb von Immobilienvermögen oder zur Verringerung von Finanzverbindlichkeiten verwendet wurde) übersteigen. (2) Maintenance of Consolidated Coverage (2) Einhaltung des Konsolidierten Ratio. The Guarantor has undertaken in the Deckungsgrads. Die Garantin hat sich in der Guarantee that on each Reporting Date the Garantie verpflichtet, dass der Konsolidierte Consolidated Coverage Ratio will be at least Deckungsgrad an jedem Berichtsstichtag 1.80 to 1.00. mindestens 1,80 zu 1,00 betragen wird. (3) Maintenance of Total Unencumbered Assets. The (3) Einhaltung des Gesamtbetrags des Unbelasteten Guarantor has undertaken in the Guarantee that Vermögens. Die Garantin hat sich in der Garantie from the Issue Date the sum of (i) the verpflichtet, dass ab dem Begebungstag die Unencumbered Assets as of the immediately Summe aus (i) dem Unbelasteten Vermögen zum preceding Reporting Date for which unmittelbar vorangegangenen Berichtsstichtag, Consolidated Financial Statements of the zu dem ein Konzernabschluss der Garantin Guarantor have been published and (ii) the Net veröffentlicht wurde, und (ii) dem seit dem Unencumbered Assets newly recorded since the unmittelbar vorangegangenen Berichtsstichtag, immediately preceding Reporting Date for which zu dem ein Konzernabschluss der Garantin Consolidated Financial Statements of the veröffentlicht wurde, neu erfassten Unbelasteten Guarantor have been published will at no time be Nettovermögen zu keiner Zeit weniger als 125 % less than 125 per cent. of the sum of (x) the der Summe aus (x) den Unbesicherten

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Unsecured Financial Indebtedness as of the Finanzverbindlichkeiten zum unmittelbar immediately preceding Reporting Date for which vorangegangenen Berichtsstichtag, zu dem ein Consolidated Financial Statements of the Konzernabschluss der Garantin veröffentlicht Guarantor have been published and (y) the Net wurde, und (y) dem Nennbetrag der Nominal Unsecured Financial Indebtedness Unbesicherten Finanzverbindlichkeiten (netto), incurred since the immediately preceding die seit dem unmittelbar vorangegangenen Reporting Date for which Consolidated Berichtsstichtag, zu dem ein Konzernabschluss Financial Statements of the Guarantor have been der Garantin veröffentlicht wurde, eingegangen published. wurden, betragen wird. (4) Reports. For so long as any Notes are (4) Berichte. Solange Schuldverschreibungen outstanding, the Guarantor shall post on its ausstehen, veröffentlicht die Garantin die website, folgenden Angaben auf ihrer Internetseite: (a) within 120 days after the end of each of the (a) innerhalb von 120 Tagen nach dem Ende Guarantor's fiscal years, annual reports des Geschäftsjahres der Garantin einen containing the following information: Geschäftsbericht mit den folgenden Angaben: (i) audited consolidated financial (i) einem geprüften Konzernabschluss statements in accordance with IFRS nach den in der EU anwendbaren as adopted by the EU and the International Financial Reporting management report in accordance Standards (IFRS) und einen with section 315 of the German Lagebericht nach § 315 HBG; Commercial Code (Handelsgesetzbuch); (ii) in addition to the requirements of (ii) zusätzlich zu den Anforderungen nach IFRS and of the German Commercial IFRS und HGB soll der Lagebericht Code (Handelsgesetzbuch) the zum Konzernabschluss Angaben management report to the enthalten über die Einhaltung der consolidated financial statements Verpflichtungserklärungen zu should include information on "Beschränkungen für das Eingehen compliance by the Guarantor with the von Finanzverbindlichkeiten", covenants "Limitations on Incurrence "Einhaltung des Konsolidierten of Financial Indebtedness", Deckungsgrads" und "Einhaltung des "Maintenance of Consolidated Gesamtbetrags des Unbelasteten Coverage Ratio" and "Maintenance Vermögens" durch die Garantin; und of Total Unencumbered Assets"; and (iii) the audit opinion of the independent (iii) dem Bestätigungsvermerk des auditors on the consolidated financial Abschlussprüfers zum statements; Konzernabschluss; (b) within 60 days after the end of each of the (b) innerhalb von 60 Tagen nach dem Ende first three fiscal quarters in each fiscal year jedes der ersten drei Quartale jedes of the Guarantor, unaudited condensed Geschäftsjahres der Garantin einen consolidated quarterly financial statements ungeprüften verkürzten Konzern- in accordance with IFRS as adopted by the Zwischenabschluss nach den in der EU EU and the requirements of section 37w of anwendbaren IFRS und den Anforderungen the German Securities Trading Act des § 37w Wertpapierhandelsgesetz (Wertpapierhandelsgesetz - WpHG), which (WpHG), der Angaben über die Einhaltung will include information on compliance der Verpflichtungserklärungen zu with the covenants "Limitations on "Beschränkungen für das Eingehen von

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Incurrence of Financial Indebtedness", Finanzverbindlichkeiten", "Einhaltung des "Maintenance of Consolidated Coverage Konsolidierten Deckungsgrads" und Ratio" and "Maintenance of Total "Einhaltung des Gesamtbetrags des Unencumbered Assets". Unbelasteten Vermögens" enthält. § 12 SUBSTITUTION, TRANSFER OF § 12 ERSETZUNG, SITZVERLEGUNG DOMICILE (1) Substitution. The Issuer may, without the consent (1) Ersetzung. Die Emittentin ist berechtigt, wenn of the Holders, if no payment of principal of or kein Zahlungsverzug hinsichtlich Kapital oder interest on any of the Notes is in default, at any Zinsen auf die Schuldverschreibungen vorliegt, time substitute for the Issuer the Guarantor or jederzeit ohne die Zustimmung der Gläubiger die any Affiliate of the Guarantor as principal debtor Garantin oder ein mit der Garantin Verbundenes in respect of all obligations arising from or in Unternehmen an ihrer Stelle als connection with these Notes (the "Substitute Hauptschuldnerin (die "Nachfolgeschuldnerin") Debtor") provided that: für alle Verpflichtungen aus oder im Zusammenhang mit den Schuldverschreibungen einzusetzen, vorausgesetzt, dass: (a) the Substitute Debtor, in a manner legally (a) die Nachfolgeschuldnerin alle effective, assumes all obligations of the Verpflichtungen der Emittentin im Issuer in respect of the Notes; Zusammenhang mit den Schuldverschreibungen rechtswirksam übernimmt; (b) the Guarantor (provided that the Guarantor (b) die Garantin (falls die Garantin nicht selbst is not the Substitute Debtor) declares that die Nachfolgeschuldnerin ist) erklärt, dass its Guarantee shall with respect to the ihre Garantie im Zusammenhang mit den Notes also apply to the Substitute Debtor Schuldverschreibungen auch auf die (each such declaration a "Substitution Nachfolgeschuldnerin Anwendung findet Guarantee"); (jede solche Erklärung eine "Ersetzungsgarantie"); (c) the obligations under the Guarantee will (c) die Verpflichtungen aus der Garantie in not be limited in any way solely as a keiner Weise lediglich deshalb beschränkt consequence of the Issuer being substituted sind, weil die Emittentin durch die by the Substitute Debtor; Nachfolgeschuldnerin ersetzt wurde; (d) the Substitute Debtor, the Issuer and the (d) die Nachfolgeschuldnerin, die Emittentin Guarantor (provided that the Guarantor is und die Garantin (falls die Garantin nicht not the Substitute Debtor) have obtained all selbst die Nachfolgeschuldnerin ist) alle für necessary governmental and regulatory die Ersetzung und für die Übernahme einer approvals and consents for such Ersetzungsgarantie durch die Garantin substitution and for the issue by the (falls die Garantin nicht selbst die Guarantor (provided that the Guarantor is Nachfolgeschuldnerin ist) notwendigen not the Substitute Debtor) of a Substitution Genehmigungen und Zustimmungen von Guarantee, that the Substitute Debtor has staatlichen Stellen und Aufsichtsbehörden obtained all necessary governmental and erhalten haben, die Nachfolgeschuldnerin regulatory approvals and consents for the alle für die Erfüllung ihrer Verpflichtungen performance by the Substitute Debtor of its aus den Schuldverschreibungen obligations under the Notes and that all notwendigen Genehmigungen und such approvals and consents are in full Zustimmungen von staatlichen Stellen und force and effect and that the obligations Aufsichtsbehörden erhalten hat und assumed by the Substitute Debtor in weiterhin sämtliche dieser Genehmigungen

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respect of the Notes and the obligations und Zustimmungen in vollem Umfang assumed by the Guarantor (provided that gültig und wirksam sind und zudem die the Guarantor is not the Substitute Debtor) Verpflichtungen der Nachfolgeschuldnerin under its Substitution Guarantee are, in aus den Schuldverschreibungen und die von each case, valid and binding in accordance der Garantin (falls die Garantin nicht selbst with their respective terms and enforceable die Nachfolgeschuldnerin ist) aus ihrer by each Holder; Ersetzungsgarantie übernommenen Verpflichtungen jeweils gemäß ihren Bestimmungen wirksam und rechtsverbindlich und durch jeden Gläubiger durchsetzbar sind; (e) the Substitute Debtor can transfer to the (e) die Nachfolgeschuldnerin alle für die Paying Agent in the currency required and Erfüllung der Zahlungsverpflichtungen aus without being obligated to deduct or den Schuldverschreibungen erforderlichen withhold any taxes or other duties of Beträge in der erforderlichen Währung an whatever nature levied by the country in die Zahlstelle überweisen kann, ohne zum which the Substitute Debtor or the Issuer or Abzug oder Einbehalt von Steuern oder the Guarantor (provided that the Guarantor sonstigen Abgaben gleich welcher Art is not the Substitute Debtor) has its verpflichtet zu sein, die in dem Land domicile or tax residence, all amounts erhoben werden, in dem die required for the fulfilment of the payment Nachfolgeschuldnerin, die Emittentin oder obligations arising under the Notes; die Garantin (falls die Garantin nicht selbst die Nachfolgeschuldnerin ist) ihren Sitz hat oder steuerlich ansässig ist; (f) the Substitute Debtor has agreed to (f) die Nachfolgeschuldnerin sich verpflichtet indemnify and hold harmless each Holder hat, jeden Gläubiger hinsichtlich solcher against any tax, duty, assessment or Steuern, Abgaben, Festsetzungen oder governmental charge imposed on such behördlichen Lasten freizustellen, die Holder in respect of such substitution; and einem Gläubiger im Zusammenhang mit der Ersetzung auferlegt werden; und (g) the Issuer shall have delivered to an agent (g) die Emittentin einem zu diesem Zweck appointed for that purpose one Opinion of bestellten Beauftragten ein Rechtsgutachten Counsel for each jurisdiction affected of bezüglich jeder betroffenen Rechtsordnung lawyers of recognised standing to the effect von anerkannten Rechtsanwälten vorgelegt that subparagraphs (a) to (f) above have hat, das bestätigt, dass die Bestimmungen been satisfied. in den vorstehenden Absätzen (a) bis (f) erfüllt wurden. For purposes of this § 12, "Affiliate" shall mean Für die Zwecke dieses § 12 bezeichnet any affiliated company (verbundenes "Verbundenes Unternehmen" ein verbundenes Unternehmen) within the meaning of section 15 Unternehmen im Sinne von § 15 Aktiengesetz of the German Stock Corporation Act (AktG). (Aktiengesetz). (2) Notice. Any substitution of the Issuer pursuant to (2) Bekanntmachung. Jede Ersetzung der Emittentin this § 12 and the date of effectiveness of such gemäß diesem § 12 sowie das Datum, an dem die substitution shall be published in accordance Ersetzung wirksam wird, ist gemäß § 15 bekannt with § 15. zu geben. (3) Change of References. Upon effectiveness of the (3) Änderung von Bezugnahmen. Mit substitution any reference in these Terms and Wirksamwerden der Ersetzung gilt jede

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Conditions to the Issuer shall from then on be Bezugnahme in diesen Emissionsbedingungen deemed to refer to the Substitute Debtor and any auf die Emittentin ab dem Zeitpunkt der reference to the Relevant Taxing Jurisdiction Ersetzung als Bezugnahme auf die with respect to the Issuer shall from then on be Nachfolgeschuldnerin und jede Bezugnahme auf deemed to refer to the Relevant Taxing die Maßgebliche Steuerjurisdiktion im Hinblick Jurisdiction with respect to the Substitute auf die Emittentin gilt ab diesem Zeitpunkt als Debtor. Furthermore, in the event of such Bezugnahme auf die Maßgebliche substitution, § 10(1)(i) shall be deemed to be Steuerjurisdiktion im Hinblick auf die amended to the effect that it shall be an Event of Nachfolgeschuldnerin. Des Weiteren gilt im Fall Default if a Substitution Guarantee ceases to be einer Ersetzung § 10(1)(i) als in der Form valid or binding on or enforceable against the geändert, dass als Kündigungsgrund gilt, wenn Guarantor (provided that the Guarantor is not eine Ersetzungsgarantie nicht mehr wirksam oder itself the Substitute Debtor). rechtsverbindlich für die Garantin ist oder nicht mehr gegen die Garantin durchsetzbar ist (falls die Garantin nicht selbst die Nachfolgeschuldnerin ist). (4) Release from Obligations. Upon effective (4) Schuldbefreiung. Nach wirksamer Ersetzung der substitution of the Issuer as set forth in this § 12, Emittentin gemäß diesem § 12 ist die Emittentin the Issuer shall be released from any obligation von allen Verpflichtungen aus oder im arising from or in connection with the Notes. Zusammenhang mit den Schuldverschreibungen befreit. (5) Further Substitution. At any time after a (5) Weitere Ersetzungen. Die Nachfolgeschuldnerin substitution pursuant to § 12(1) above, the ist jederzeit nach einer Ersetzung gemäß Substitute Debtor may, without the consent of vorstehendem § 12(1) berechtigt, ohne die the Holders, effect a further substitution Zustimmung der Gläubiger eine weitere provided that all the provisions specified in Ersetzung vorzunehmen, wobei alle § 12(1) to § 12(4) above shall apply, mutatis Bestimmungen der vorstehenden § 12(1) bis mutandis, and, without limitation, references in § 12(4) sinngemäß Anwendung finden und, ohne these Terms and Conditions to the Issuer shall, hierauf beschränkt zu sein, Bezugnahmen in where the context so requires, be deemed to be diesen Emissionsbedingungen auf die Emittentin, or include references to any such further sofern der Zusammenhang dies verlangt, als Substitute Debtor; provided that in no event shall Bezugnahmen bzw. auch als Bezugnahmen auf any substitution under this § 12 have the effect jede weitere Nachfolgeschuldnerin gelten. Eine of releasing the Guarantor from any of its Ersetzung gemäß diesem § 12 hat jedoch in obligations under its Guarantee. keinem Fall zur Folge, dass die Garantin von ihren Verpflichtungen aus ihrer Garantie befreit wird. (6) Transfer of Domicile. A transfer of domicile of (6) Sitzverlegung. Eine Verlegung des Sitzes der the Issuer to another country or territory is only Emittentin in ein anderes Land oder Gebiet ist permissible if the requirements set forth in nur zulässig, wenn die vorstehend in § 12(1) und § 12(1) and (2) above are complied with (2) genannten Anforderungen entsprechend accordingly. § 12(3) second half-sentence of erfüllt sind. § 12(3) zweiter Halbsatz des ersten sentence 1 shall apply mutatis mutandis. Satzes findet entsprechende Anwendung. § 13 FURTHER ISSUES, PURCHASES AND § 13 BEGEBUNG WEITERER CANCELLATION SCHULDVERSCHREIBUNGEN, ANKAUF UND ENTWERTUNG (1) Further Issues. Subject to § 11, the Issuer may (1) Begebung weiterer Schuldverschreibungen. Die from time to time, without the consent of the Emittentin ist vorbehaltlich der Bestimmungen

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Holders, issue further Notes having the same von § 11 berechtigt, jederzeit ohne Zustimmung terms and conditions as the Notes in all respects der Gläubiger weitere Schuldverschreibungen (or in all respects except for the Issue Date, mit in jeder Hinsicht gleicher Ausstattung interest commencement date and/or issue price) (gegebenenfalls mit Ausnahme des jeweiligen so as to form a single series with the Notes. Begebungstags, des Verzinsungsbeginns und/oder des Ausgabepreises) in der Weise zu begeben, dass sie mit diesen Schuldverschreibungen eine einheitliche Serie bilden. (2) Purchases. The Issuer and the Guarantor may at (2) Ankauf. Die Emittentin und die Garantin sind any time purchase Notes in the open market or berechtigt, jederzeit Schuldverschreibungen im otherwise and at any price. Notes purchased by Markt oder anderweitig zu jedem beliebigen the Issuer or the Guarantor may, at the option of Preis zu kaufen. Die von der Emittentin bzw. der the Issuer and the Guarantor, be held, resold or Garantin erworbenen Schuldverschreibungen surrendered to the Paying Agent for cancellation. können nach Wahl der Emittentin und der Garantin von ihr gehalten, weiterverkauft oder bei der Zahlstelle zwecks Entwertung eingereicht werden. (3) Cancellation. All Notes redeemed in full shall be (3) Entwertung. Sämtliche vollständig cancelled forthwith and may not be reissued or zurückgezahlten Schuldverschreibungen sind resold. unverzüglich zu entwerten und können nicht wiederbegeben oder wiederverkauft werden. § 14 AMENDMENTS OF THE TERMS AND § 14 ÄNDERUNGEN DER CONDITIONS BY RESOLUTIONS OF EMISSIONSBEDINGUNGEN DURCH HOLDERS, HOLDERS' BESCHLÜSSE DER GLÄUBIGER; REPRESENTATIVE GEMEINSAMER VERTRETER (1) Amendment of the Terms and Conditions. The (1) Änderung der Emissionsbedingungen. Die Issuer may agree with the Holders on Emittentin kann mit den Gläubigern Änderungen amendments to the Terms and Conditions or on der Emissionsbedingungen oder sonstige other matters by virtue of a majority resolution Maßnahmen durch Mehrheitsbeschluss der of the Holders pursuant to sections 5 et seqq. of Gläubiger nach Maßgabe der §§ 5 ff. des the German Act on Issues of Debt Securities Gesetzes über Schuldverschreibungen aus (Gesetz über Schuldverschreibungen aus Gesamtemissionen ("SchVG") in seiner jeweils Gesamtemissionen - "SchVG"), as amended geltenden Fassung beschließen. Die Gläubiger from time to time. In particular, the Holders may können insbesondere einer Änderung consent to amendments which materially change wesentlicher Inhalte der Emissionsbedingungen, the substance of the Terms and Conditions, einschließlich der in § 5 Abs. 3 SchVG including such measures as provided for under vorgesehenen Maßnahmen durch Beschlüsse mit section 5 paragraph 3 of the SchVG by den in dem nachstehenden § 14(2) genannten resolutions passed by such majority of the votes Mehrheiten zustimmen. Ein ordnungsgemäß of the Holders as stated under § 14(2) below. A gefasster Mehrheitsbeschluss ist für alle duly passed majority resolution shall be binding Gläubiger gleichermaßen verbindlich. equally upon all Holders. (2) Majority. Except as provided by the following (2) Mehrheit. Vorbehaltlich des nachstehenden sentence and provided that the quorum Satzes und der Erreichung der erforderlichen requirements are being met, the Holders may Beschlussfähigkeit, beschließen die Gläubiger pass resolutions by simple majority of the voting mit der einfachen Mehrheit der an der rights participating in the vote. Resolutions Abstimmung teilnehmenden Stimmrechte.

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which materially change the substance of the Beschlüsse, durch welche der wesentliche Inhalt Terms and Conditions, in particular in the cases der Emissionsbedingungen, insbesondere in den of section 5 paragraph 3 numbers 1 through 9 of Fällen des § 5 Abs. 3 Nr. 1 bis 9 SchVG, the SchVG, or relating to material other matters geändert wird, oder sonstige wesentliche may only be passed by a majority of at least 75 Maßnahmen beschlossen werden bedürfen zu per cent. of the voting rights participating in the ihrer Wirksamkeit einer Mehrheit von vote (a "Qualified Majority"). mindestens 75 % der an der Abstimmung teilnehmenden Stimmrechte (eine "Qualifizierte Mehrheit"). (3) Passing of resolutions. The Holders can pass (3) Beschlussfassung. Die Gläubiger können resolutions in a meeting Beschlüsse in einer Gläubigerversammlung (Gläubigerversammlung) in accordance with gemäß §§ 5 ff. SchVG oder im Wege einer section 5 et seqq. of the SchVG or by means of a Abstimmung ohne Versammlung gemäß § 18 und vote without a meeting (Abstimmung ohne § 5 ff. SchVG fassen. Versammlung) in accordance with section 18 and section 5 et seqq. of the SchVG. (4) Meeting. If resolutions of the Holders shall be (4) Gläubigerversammlung. Falls Beschlüsse der made by means of a meeting the convening Gläubiger in einer Gläubigerversammlung notice (Einberufung) will provide for further gefasst werden, enthält die Bekanntmachung der details relating to the resolutions and the voting Einberufung nähere Angaben zu den Beschlüssen procedure. The subject matter of the vote as well und zu den Abstimmungsmodalitäten. Die as the proposed resolutions shall be notified to Gegenstände und Vorschläge zur the Holders together with the convening notice. Beschlussfassung werden den Gläubigern mit der Attendance at the meeting and exercise of voting Bekanntmachung der Einberufung bekannt rights is subject to the Holders' registration. The gemacht. Die Teilnahme an der registration must be received at the address Gläubigerversammlung und die Ausübung der stated in the convening notice no later than the Stimmrechte ist von einer vorherigen Anmeldung third day preceding the meeting. As part of the der Gläubiger abhängig. Die Anmeldung muss registration, Holders must demonstrate their unter der in der Bekanntmachung der eligibility to participate in the vote by means of a Einberufung mitgeteilten Adresse spätestens am special confirmation of the Custodian in dritten Tag vor der Gläubigerversammlung accordance with §17(3)(i)(a) and (b) hereof in zugehen. Mit der Anmeldung müssen die text form and by submission of a blocking Gläubiger ihre Berechtigung zur Teilnahme an instruction by the Custodian stating that the der Abstimmung durch einen in Textform relevant Notes are not transferable from and erstellten besonderen Nachweis der Depotbank including the day such registration has been sent gemäß §17(3)(i)(a) und (b) und durch Vorlage until and including the stated end of the meeting. eines Sperrvermerks der Depotbank, aus dem hervorgeht, dass die betreffenden Schuldverschreibungen ab dem Tag der Absendung der Anmeldung (einschließlich) bis zum angegebenen Ende der Gläubigerversammlung (einschließlich) nicht übertragbar sind, nachweisen. (5) Vote without a meeting. If resolutions of the (5) Abstimmung ohne Versammlung. Falls Holders shall be made by means of a vote Beschlüsse der Gläubiger im Wege einer without a meeting the request for voting Abstimmung ohne Versammlung gefasst werden, (Aufforderung zur Stimmabgabe) will provide enthält die Aufforderung zur Stimmabgabe for further details relating to the resolutions and nähere Angaben zu den Beschlüssen und zu den the voting procedure. The subject matter of the Abstimmungsmodalitäten. Die Gegenstände und

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vote as well as the proposed resolutions shall be Vorschläge zur Beschlussfassung werden den notified to the Holders together with the request Gläubigern mit der Aufforderung zur for voting. The exercise of voting rights is Stimmabgabe bekannt gemacht. Die Ausübung subject to the Holders' registration. The der Stimmrechte ist von einer vorherigen registration must be received at the address Anmeldung der Gläubiger abhängig. Die stated in the request for voting no later than the Anmeldung muss unter der in der Aufforderung third day preceding the beginning of the voting zur Stimmabgabe mitgeteilten Adresse spätestens period. As part of the registration, Holders must am dritten Tag vor Beginn des demonstrate their eligibility to participate in the Abstimmungszeitraums zugehen. Mit der vote by means of a special confirmation of the Anmeldung müssen die Gläubiger ihre Custodian in accordance with §17(3)(i)(a) and Berechtigung zur Teilnahme an der Abstimmung (b) hereof in text form and by submission of a durch einen in Textform erstellten besonderen blocking instruction by the Custodian stating that Nachweis der Depotbank gemäß § 17(3)(i)(a) the relevant Notes are not transferable from and und (b) und durch Vorlage eines Sperrvermerks including the day such registration has been sent der Depotbank, aus dem hervorgeht, dass die until and including the day the voting period betreffenden Schuldverschreibungen ab dem Tag ends. der Absendung der Anmeldung (einschließlich) bis zum letzten Tag des Abstimmungszeitraums (einschließlich) nicht übertragbar sind, nachweisen. (6) Second meeting. If it is ascertained that no (6) Zweite Versammlung. Wird für die quorum exists for the meeting pursuant to Gläubigerversammlung gemäß § 14(4) oder die § 14(4) or the vote without a meeting pursuant to Abstimmung ohne Versammlung gemäß § 14(5) § 14(5), in case of a meeting the chairman die mangelnde Beschlussfähigkeit festgestellt, (Vorsitzender) may convene a second meeting in kann - im Fall der Gläubigerversammlung - der accordance with section 15 paragraph 3 Vor-sitzende eine zweite Versammlung im Sinne sentence 2 of the SchVG or in case of a vote von § 15 Abs. 3 Satz 2 SchVG und - im Fall der without a meeting the scrutineer Abstimmung ohne Versammlung - der (Abstimmungsleiter) may convene a second Abstimmungsleiter eine zweite Versammlung im meeting within the meaning of section 15 Sinne von § 15 Abs. 3 Satz 3 SchVG einberufen. paragraph 3 sentence 3 of the SchVG. Die Teilnahme an der zweiten Versammlung und Attendance at the second meeting and exercise die Ausübung der Stimmrechte sind von einer of voting rights is subject to the Holders' vorherigen Anmeldung der Gläubiger abhängig. registration. The registration must be received at Die Anmeldung muss unter der in der the address stated in the convening notice no Bekanntmachung der Einberufung mitgeteilten later than the third day preceding the second Adresse spätestens am dritten Tag vor der meeting. As part of the registration, Holders zweiten Versammlung zugehen. Mit der must demonstrate their eligibility to participate Anmeldung müssen die Gläubiger ihre in the vote by means of a special confirmation of Berechtigung zur Teilnahme an der Abstimmung the Custodian in accordance with §17(3)(i)(a) durch einen in Textform erstellten besonderen and (b) hereof in text form and by submission of Nachweis der Depotbank gemäß §17(3)(i)(a) und a blocking instruction by the Custodian stating (b) und durch Vorlage eines Sperrvermerks der that the relevant Notes are not transferable from Depotbank, aus dem hervorgeht, dass die and including the day such registration has been betreffenden Schuldverschreibungen ab dem Tag sent until and including the stated end of the der Absendung der Anmeldung (einschließlich) meeting. bis zum angegebenen Ende der Gläubigerversammlung (einschließlich) nicht übertragbar sind, nachweisen.

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(7) Holders' representative. The Holders may by (7) Gemeinsamer Vertreter. Die Gläubiger können majority resolution provide for the appointment durch Mehrheitsbeschluss die Bestellung oder or dismissal of a holders' representative (the Abberufung eines gemeinsamen Vertreters (der "Holders' Representative"), the duties and "Gemeinsame Vertreter"), die Aufgaben und responsibilities and the powers of such Holders' Befugnisse des Gemeinsamen Vertreters, die Representative, the transfer of the rights of the Übertragung von Rechten der Gläubiger auf den Holders to the Holders' Representative and a Gemeinsamen Vertreter und eine Beschränkung limitation of liability of the Holders' der Haftung des Gemeinsamen Vertreters Representative. Appointment of a Holders' bestimmen. Die Bestellung eines Gemeinsamen Representative may only be passed by a Vertreters bedarf einer Qualifizierten Mehrheit, Qualified Majority if such Holders' wenn er ermächtigt werden soll, Änderungen des Representative is to be authorised to consent, in wesentlichen Inhalts der Emissionsbedingungen accordance with § 14(2) hereof, to a material oder sonstigen wesentlichen Maßnahmen gemäß change in the substance of the Terms and § 14(2) zuzustimmen. Conditions or other material matters. (8) Publication. Any notices concerning this § 14 (8) Veröffentlichung. Bekanntmachungen betreffend shall be made exclusively pursuant to the diesen § 14 erfolgen ausschließlich gemäß den provisions of the SchVG. Bestimmungen des SchVG. (9) Amendments of the Guarantee. The provisions (9) Änderung der Garantie. Die oben aufgeführten set out above applicable to the Notes shall apply auf die Schuldverschreibungen anwendbaren mutatis mutandis to the Guarantee. Bestimmungen gelten entsprechend für die Bestimmungen der Garantie. § 15 NOTICES § 15 MITTEILUNGEN

[In the case of Notes which are listed on the [Im Falle von Schuldverschreibungen, die an Luxembourg Stock Exchange the following der Luxemburger Börse notiert werden, gilt applies: folgendes: (1) Publication. All notices concerning the Notes (1) Bekanntmachung. Alle die will be made by means of electronic publication Schuldverschreibungen betreffenden on the internet website of the Luxembourg Stock Mitteilungen sind auf der Internetseite der Exchange (www.bourse.lu). Any notice will be Luxemburger Börse (www.bourse.lu) deemed to have been validly given on the third elektronisch zu veröffentlichen. Jede derartige day following the date of such publication (or, if Mitteilung gilt mit dem dritten Tag nach dem Tag published more than once, on the third day der Veröffentlichung (oder bei mehrfacher following the date of the first such publication). Veröffentlichungen mit dem dritten Tag nach dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt. (2) Notification to Clearing System. So long as any (2) Mitteilungen an das Clearingsystem. Solange Notes are listed on the Luxembourg Stock Schuldverschreibungen an der Luxemburger Exchange, § 15(1) shall apply. If the Rules of the Börse notiert sind, findet § 15(1) Anwendung. Luxembourg Stock Exchange so permit, the Soweit die Regeln der Luxemburger Börse dies Issuer may deliver the relevant notice to the zulassen, kann die Emittentin eine Clearing System for communication by the Veröffentlichung nach Absatz (1) durch eine Clearing System to the Holders, in lieu of Mitteilung an das Clearingsystem zur publication as set forth in subparagraph (1) Weiterleitung an die Gläubiger ersetzen; jede above; any such notice shall be deemed to have derartige Mitteilung gilt am fünften Tag nach been given on the fifth day after the day on dem Tag der Mitteilung an das Clearingsystem which the said notice was given to the Clearing als den Gläubigern mitgeteilt.] System.]

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[In the case of Notes which are unlisted or [Im Falle von Schuldverschreibungen, die nicht listed on a stock exchange other than the oder an einer anderen Börse als die Luxembourg Stock Exchange the following Luxemburger Börse notiert werden, gilt applies: folgendes: (1) Publications. All notices concerning the Notes (1) Bekanntmachungen. Alle die except as stipulated in § 14(6) shall be published Schuldverschreibungen betreffenden electronically in the Federal Gazette Mitteilungen, außer nach Maßgabe von § 14(6), (Bundesanzeiger) [and so long as the Notes are sind elektronisch im Bundesanzeiger [und, admitted to trading on [stock exchange other solange die Schuldverschreibungen an der than the Luxembourg Stock Exchange] and if [andere Börse als die Luxemburger Börse] zum the rules of such stock exchange so require Handel zugelassen sind und soweit dies die [in/under/●] [newspaper or website]]. Any Regeln dieser Börse verlangen, [in/unter/●] notice so given will be deemed to be validly [Zeitung oder Internetseite]] zu veröffentlichen. given on the third calendar day following the Jede derartige Mitteilung gilt mit dem dritten date of such publication (or, if published more Kalendertag nach dem Tag der Veröffentlichung than once, on the third calendar day following (oder bei mehrfacher Veröffentlichungen mit dem the date of the first such publication). dritten Kalendertag nach dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt. (2) Notification to the Clearing System. The Issuer (2) Mitteilungen an das Clearingsystem. Die may, in lieu of publication set forth in § 15(1) Emittentin ist berechtigt, eine Veröffentlichung above, deliver the relevant notice to the Clearing nach vorstehendem § 15(1) durch eine Mitteilung System, for communication by the Clearing an das Clearingsystem zur Weiterleitung an die System to the Holders, provided that the rules of Gläubiger zu ersetzen, vorausgesetzt, dass die the stock exchange on which the Notes are listed Regeln der Börse, an der die (if applicable) permit such form of notice. Any Schuldverschreibungen ggf. notiert sind, diese such notice shall be deemed to have been given Form der Mitteilung zulassen. Jede derartige to the Holders on the fifth day after the day on Mitteilung gilt am fünften Tag nach dem Tag der which the said notice was given to the Clearing Mitteilung an das Clearingsystem als den System.] Gläubigern mitgeteilt.] (3) Notification to the Issuer. Notices to be given by (3) Mitteilungen an die Emittentin. Mitteilungen any Holder to the Issuer shall be made by means eines Gläubigers an die Emittentin haben in der of a written declaration to be delivered by hand Weise zu erfolgen, dass der Gläubiger der or registered mail to the Paying Agent. Zahlstelle eine entsprechende schriftliche Erklärung übergibt oder durch eingeschriebenen Brief übermittelt. § 16 DEFINITIONS § 16 DEFINITIONEN

"Additional Amounts" has the meaning "Zusätzliche Beträge" hat die diesem Begriff in assigned to such term in § 8. § 8 zugewiesene Bedeutung. "Affiliate" has the meaning assigned to such "Verbundenes Unternehmen" hat die diesem term in § 12(1). Begriff in § 12(1) zugewiesene Bedeutung. "Business Day" has the meaning assigned to "Geschäftstag" hat die diesem Begriff in § 5(4) such term in § 5(4). zugewiesene Bedeutung. "Calculation Agent" has the meaning assigned "Berechnungsstelle" hat die diesem Begriff in to such term in § 7(1) § 7(1) zugewiesene Bedeutung. "Calculation Period" has the meaning assigned "Zinsberechnungszeitraum" hat die diesem to such term in § 4(9). Begriff in § 4(9) zugewiesene Bedeutung. "Capital Market Indebtedness" means any "Kapitalmarktverbindlichkeit" bezeichnet jede

185 present or future obligation for the payment of gegenwärtige oder künftige Verbindlichkeit zur borrowed money (including obligations by Rückzahlung aufgenommener Geldbeträge reason of any guarantee or other liability (einschließlich Verbindlichkeiten aus Garantien agreement for such obligations of third parties) oder sonstigen Haftungsvereinbarungen für which is in the form of, or represented by, bonds, solche Verbindlichkeiten Dritter), die in Form notes or other securities which are capable of von Anleihen, Schuldverschreibungen oder being quoted, listed, dealt in or traded on a stock sonstigen Wertpapieren, die an einer Börse, exchange, over-the-counter-market or other einem außerbörslichen Markt oder an einem recognised securities market. anderen anerkannten Wertpapiermarkt notiert, zugelassen oder gehandelt werden können, verbrieft, verkörpert oder dokumentiert ist. [In case of CBF as Clearing System, the [Bei CBF als Clearingsystem gilt folgendes: following applies: "CBF" has the meaning "CBF" hat die diesem Begriff in § 1(4) assigned to such term in § 1(4).] zugewiesene Bedeutung.] [In case of CBL as Clearing System, the [Bei CBL als Clearingsystem gilt folgendes: following applies: "CBL" has the meaning "CBL" hat die diesem Begriff in § 1(4) assigned to such term in § 1(4).] zugewiesene Bedeutung.] [In the case of Notes kept in custody on behalf [Im Fall von Schuldverschreibungen, die im of the ICSDs and the Global Note is a CGN, the Namen der ICSDs verwahrt werden und falls following applies: "CGN" has the meaning die Globalurkunde eine CGN ist gilt folgendes: assigned to such term in § 1(4).] "CGN" hat die diesem Begriff in § 1(4) zugewiesene Bedeutung.] "Change of Control" has the meaning assigned "Kontrollwechsel" hat die diesem Begriff in to such term in § 6(3)(a). § 6(3)(a) zugewiesene Bedeutung. "Code" has the meaning assigned to such term in "Code" hat die diesem Begriff in § 5(7) § 5(7). zugewiesene Bedeutung. "Consolidated Adjusted EBITDA" means the "Konsolidiertes Bereinigtes EBITDA" number set out under the heading "EBITDA bezeichnet den unter der Überschrift "EBITDA (adjusted)" in the Consolidated Financial (bereinigt um Sondereinflüsse)" im Statements of the Guarantor covering the Konzernabschluss der Garantin für den applicable Relevant Period. jeweiligen Maßgeblichen Zeitraum angegebenen Zahlenwert. "Consolidated Coverage Ratio" means the ratio "Konsolidierter Deckungsgrad" bezeichnet das of (A) the aggregate amount of Consolidated Verhältnis (A) des Gesamtbetrags des Adjusted EBITDA in the Relevant Period to Konsolidierten Bereinigten EBITDA im (B) the aggregate amount of Net Cash Interest in Maßgeblichen Zeitraum zu (B) dem the Relevant Period. Gesamtbetrag des Zinszahlungssaldos im Maßgeblichen Zeitraum. "Consolidated Financial Indebtedness" means "Konsolidierte Finanzverbindlichkeiten" Financial Indebtedness of the Guarantor and any bezeichnet die nach IFRS ermittelten of its Subsidiaries, on a consolidated basis Finanzverbindlichkeiten der Garantin und ihrer determined in accordance with IFRS. Tochtergesellschaften auf konsolidierter Basis. "Consolidated Financial Statements" means, "Konzernabschluss" bezeichnet in Bezug auf with respect to any Person, collectively, the eine Person zusammenfassend den nach IFRS consolidated financial statements and notes to erstellten Konzernabschluss mit Anhang für diese those financial statements, of that Person and its Person und ihre Tochterunternehmen. subsidiaries prepared in accordance with IFRS.

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"Consolidated Secured Financial "Besicherte Konsolidierte Indebtedness" means that portion of the Finanzverbindlichkeiten" bezeichnet den Teil Consolidated Financial Indebtedness of the der Konsolidierten Finanzverbindlichkeiten der Group that is secured by a Lien on properties or Gruppe, der mit Sicherungsrechten an other assets of the Guarantor or any of its Immobilien oder sonstigen Vermögenswerten der Subsidiaries. Garantin oder ihrer Tochtergesellschaften besichert ist. "Control" has the meaning assigned to such "Kontrolle" hat die diesem Begriff in § 6(3)(a) term in § 6(3)(a). zugewiesene Bedeutung. "Controlled Subsidiary" has the meaning "Abhängige Tochtergesellschaft" hat die diesem assigned to such term in § 6(3)(a). Begriff in § 6(3)(a) zugewiesene Bedeutung. "Custodian" has the meaning assigned to such "Depotbank" hat die diesem Begriff in § 17(3) term in § 17(3). zugewiesene Bedeutung. "Day Count Fraction" has the meaning "Zinstagequotient" hat die diesem Begriff in assigned to such term in § 4(9). § 4(9) zugewiesene Bedeutung. [In case of Euroclear as Clearing System, the [Bei Euroclear als Clearingsystem gilt following applies: "Euroclear" has the meaning folgendes: "Euroclear" hat die diesem Begriff in assigned to such term in § 1(4).] § 1(4) zugewiesene Bedeutung.] [In the case the offered quotation for deposits [Falls der Angebotssatz für Einlagen in der in the Specified Currency is EURIBOR, the festgelegten Währung EURIBOR ist gilt following applies: "Euro-Zone" has the folgendes: "Euro-Zone" hat die diesem Begriff meaning assigned to such term in § 4(3).] in § 4(3) zugewiesene Bedeutung.] "Event of Default" has the meaning assigned to "Kündigungsgrund" hat die diesem Begriff in such term in § 10(1). § 10(1) zugewiesene Bedeutung. "Exchange Date" has the meaning assigned to "Austauschtag" hat die diesem Begriff in such term in § 1(3)(b) § 1(3)(b) zugewiesene Bedeutung. "Financial Indebtedness" means (without "Finanzverbindlichkeiten" bezeichnet (unter duplication) any indebtedness (excluding any Ausschluss einer Doppelberücksichtigung) alle indebtedness owed to another member of the Verbindlichkeiten (ausgenommen solche Group) for or in respect of: gegenüber anderen Mitgliedern der Gruppe) für oder in Bezug auf: (i) money borrowed; (i) aufgenommene Gelder; (ii) any amount raised by acceptance under any (ii) alle aus Akzepten im Rahmen von acceptance credit facility or dematerialised Akzeptkreditfazilitäten oder equivalent; dematerialisierten Vergleichbaren aufgenommenen Beträge; (iii) any amount raised pursuant to any note (iii) alle aus Fazilitäten für die Emission purchase facility or the issue of bonds, kurzfristiger Schuldtitel oder aus der notes, commercial papers, debentures, loan Begebung von Anleihen, stock or any similar instrument; Schuldverschreibungen, Commercial Paper oder sonstigen Schuldtiteln oder vergleichbaren Instrumenten aufgenommenen Beträge; (iv) receivables sold or discounted (other than (iv) veräußerte oder diskontierte Forderungen any receivables to the extend they are sold (mit Ausnahme von Forderungen, die on a non-recourse basis); regresslos verkauft werden);

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(v) any amount raised under any other (v) die Aufnahme von Beträgen im Rahmen transaction (including any forward sale or anderer Transaktionen (einschließlich purchase agreement) having the Terminverkauf oder -kauf), die commercial effect of a borrowing, but wirtschaftlich einer Kreditaufnahme excluding bank guarantee facilities (as gleichkommen, ausgenommen jedoch amended from time to time) made or to be Bankgarantie-Fazilitäten (wie jeweils made available by financial institutions to geändert), die der Garantin oder einer the Guarantor or a Subsidiary under which Tochtergesellschaft von Finanzinstituten the Guarantor or the respective Subsidiary gewährt werden oder gewährt werden may request the issue of a bank guarantee sollen und in deren Rahmen die Garantin or bank guarantees in favour of a person bzw. die jeweilige Tochtergesellschaft die who agrees to purchase a Real Estate Ausstellung einer oder mehrerer Property owned by the Guarantor or a Bankgarantien zugunsten einer Person Subsidiary; verlangen kann, die sich zum Erwerb von Immobilienvermögen von der Garantin oder einer Tochtergesellschaft verpflichtet hat; (vi) any counter-indemnity obligation in (vi) einen Aufwendungsersatzanspruch in respect of a guarantee, indemnity, bond, Bezug auf eine Bürgschaft, eine standby or documentary letter of credit or Freistellungsverpflichtung, eine Garantie, any other instrument issued by a bank or ein Standby- oder Dokumentenakkreditiv financial institution; and oder ein anderes von einer Bank oder einem Finanzinstitut ausgestelltes Instrument; und (vii) the amount of any liability in respect of (vii) Verbindlichkeiten aus einer Garantie, any guarantee or indemnity for any of the Bürgschaft oder Freistellungsverpflichtung items referred to in paragraphs (i) to (vi) in Bezug auf Verbindlichkeiten der in den above. vorstehenden Absätzen (i) bis (vi) genannten Art. "Global Note" has the meaning assigned to such "Globalurkunde" hat die diesem Begriff in term in § 1(3). § 1(3) zugewiesene Bedeutung. "Group" means the Guarantor together with its "Gruppe" bezeichnet die Garantin und ihre Subsidiaries. Tochtergesellschaften. "Guarantee" has the meaning assigned to such "Garantie" hat die diesem Begriff in § 2(2) term in § 2(2). zugewiesene Bedeutung. "Guarantor" has the meaning assigned to such "Garantin" hat die diesem Begriff in § 2(2) term in § 2(2). zugewiesene Bedeutung. "Holder" has the meaning assigned to such term "Gläubiger" hat die diesem Begriff in § 1(5) in § 1(5). zugewiesene Bedeutung. "Holders' Representative" has the meaning "Gemeinsamer Vertreter" hat die diesem assigned to such term in § 14(5). Begriff in § 14(5) zugewiesene Bedeutung. [In case of CBL and Euroclear as Clearing [Bei CBL und Euroclear als Clearingsystem gilt System, the following applies: "ICSD" and folgendes: "ICSD" und "ICSDs" hat die diesem "ICSDs" has the meaning assigned to such term Begriff in § 1(4) zugewiesene Bedeutung.] in § 1(4).] "IFRS" means the International Financial "IFRS" bezeichnet die nach der EU Reporting Standards as adopted by the European anwendbaren International Financial Reporting Union and as published by the International Standards des International Accounting

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Accounting Standards Board, as in effect from Standards Board in jeweils geltender Fassung. time to time. "Incur" means, with respect to any Financial "Eingehen" bezeichnet in Bezug eine Indebtedness or other obligation of any Person, Finanzverbindlichkeit oder eine sonstige to create, assume, guarantee or otherwise Verbindlichkeit einer Person die Begründung, become liable in respect of such Financial Übernahme, die Abgabe einer Garantie oder Indebtedness or other obligation, and Bürgschaft dafür oder eine anderweitige "incurrence" and "incurred" have the meanings Übernahme der Haftung für diese correlative to the foregoing. Finanzverbindlichkeit oder sonstige Verbindlichkeit; das "Eingehen" bzw. "eingegangen" sind entsprechend auszulegen. "Interest Commencement Date" has the "Verzinsungsbeginn" hat die diesem Begriff in meaning assigned to such term in § 4(1). § 4(1) zugewiesene Bedeutung. "Interest Determination Date" has the meaning "Zins-Festlegungstag" hat die diesem Begriff in assigned to such term in § 4(3). § 4(3) zugewiesene Bedeutung. "Interest Payment Date" has the meaning "Zinszahlungstag" hat die diesem Begriff in assigned to such term in § 4(1). § 4(1) zugewiesene Bedeutung. "Interest Period" has the meaning assigned to "Zinsperiode" hat die diesem Begriff in § 4(3) such term in § 4(3). zugewiesene Bedeutung. "Issue Date" has the meaning assigned to such "Begebungstag" hat die diesem Begriff in § 1(1) term in § 1(1). zugewiesene Bedeutung. "Issuer" has the meaning assigned to such term "Emittentin" hat die diesem Begriff in § 1(1) in § 1(1). zugewiesene Bedeutung. "Lien" means (without duplication) any lien, "Sicherungsrecht" bezeichnet (unter Ausschluss mortgage, trust deed, deed of trust, deed, pledge, einer Doppelberücksichtigung) Sicherungsrechte, security interest, assignment for collateral Grundpfandrechte, Sicherung-Treuhandverträge purposes, deposit arrangement, or other security (trust-deed oder deed of trust), Sicherungs- agreement, excluding any right of setoff but Urkunden (deed), Pfandrechte, including, without limitation, any conditional Verpfändungsvereinbarungen, sale or other title retention agreement, any Sicherungsabtretungen, financing lease having substantially the same Sicherungsübereignungen, economic effect as any of the foregoing, and any Hinterlegungsvereinbarungen oder sonstige other like agreement granting or conveying a Sicherungsabreden, ausgenommen Rechte zur security interest in rem (dingliches Aufrechnung, jedoch u. a. einschließlich bedingte Sicherungsrecht), to a Person that is not a Kaufverträge oder Vereinbarungen mit member of the Group, in each case to secure Eigentumsvorbehalt, outstanding Financial Indebtedness, but in each Finanzierungsleasingverträge, die wirtschaftlich case excluding im Wesentlichen den vorgenannten Vereinbarungen gleichkommen, sowie sonstige Vereinbarungen, die ein dingliches Sicherungsrecht gewähren oder übertragen, und zwar einer Person, die nicht Mitglied der Gruppe ist, jeweils zur Besicherung ausstehender Finanzverbindlichkeiten, jedoch keine (i) any encumbrance registered in (i) in Abteilung 2 eines deutschen Grundbuchs department 2 (Abteilung 2) of a German eingetragene Belastungen; land register (Grundbuch);

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(ii) any Lien arising in connection with a (ii) Sicherungsrechte, die im Zusammenhang disposal of an asset in the ordinary course mit der Veräußerung eines Vermögenswerts of business including, without limitation, im Rahmen der gewöhnlichen any Lien created in assets subject to a sale Geschäftstätigkeit entstehen, u. a. agreement for the purposes of financing the Sicherungsrechte an Vermögenswerten, die purchase price; Gegenstand eines Kaufvertrags sind, zur Finanzierung des Kaufpreises; (iii) any Lien securing Financial Indebtedness (iii) Sicherungsrechte, die zum Begebungstag outstanding on the Issue Date; ausstehende Finanzverbindlichkeiten besichern; (iv) any Lien in respect of which an (iv) Sicherungsrechte, für die dem unconditional deletion consent maßgeblichen Mitglied der Gruppe eine (Löschungsbewilligung) has been delivered unbedingte Löschungsbewilligung to the relevant member of the Group; übermittelt wurde; (v) any Lien arising by operation of law (or by (v) Sicherungsrechte, die kraft Gesetzes (oder agreement having the same effect) or in the kraft einer Vereinbarung mit derselben ordinary course of business, provided that Wirkung) oder im Rahmen der any Lien arising in the ordinary course of gewöhnlichen Geschäftstätigkeit entstehen, business over Real Estate Property shall wobei im Rahmen der gewöhnlichen not be excluded; Geschäftstätigkeit entstehende Sicherungsrechte an Immobilienvermögen jedoch nicht ausgeschlossen sind; (vi) any cash collateral posted in connection (vi) Barsicherheiten, die im Zusammenhang mit with cross-currency and interest rate Währungs- und hedging transactions; and Zinsabsicherungsgeschäften gestellt werden; und (vii) any Lien on bank accounts under general (vii) Sicherungsrechte an Bankkonten nach terms and conditions of any provider of Maßgabe der allgemeinen such bank accounts. Geschäftsbedingungen des Anbieters der Bankkonten. "Material Subsidiary" means any Subsidiary of "Wesentliche Tochtergesellschaft" bezeichnet the Guarantor whose total assets are at least eine Tochtergesellschaft der Garantin, deren equal to 5 per cent. of the total assets of the Bilanzsumme mindestens 5 % der Bilanzsumme Group. der Gruppe ausmacht. "Maturity Date" has the meaning assigned to "Fälligkeitstag" hat die diesem Begriff in § 6(1) such term in § 6(1). zugewiesene Bedeutung. [in case of a Margin, the following applies: [im Falle einer Marge gilt Folgendes: "Marge" "Margin" has the meaning assigned to such term hat die diesem Begriff in § 4(3) zugewiesene in § 4(3).] Bedeutung.] [in case of a Maximum Rate of Interest, the [im Falle eines Höchstzinssatzes, gilt folgendes: following applies: "Maximum Rate of "Höchstzinssatz" hat die diesem Begriff in Interest" has the meaning assigned to such term § 4(4) zugewiesene Bedeutung.] in § 4(4).] [in case of a Minimum Rate of Interest, the [im Falle eines Mindestzinssatzes, gilt following applies: "Minimum Rate of Interest" folgendes: "Mindestzinssatz" hat die diesem has the meaning assigned to such term in § 4(4).] Begriff in § 4(4) zugewiesene Bedeutung.]

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"Net Cash Interest" means all interest and other "Zinszahlungssaldo" bezeichnet alle an financing charges accrued to persons who are not Personen, die nicht Mitglied der Gruppe sind, zu members of the Group less the amount of any zahlenden Zinsen und sonstigen interest and other financing charges accrued to Finanzierungskosten abzüglich des Betrags aller be received from persons who are not members von Personen, die nicht Mitglied der Gruppe of the Group, in each case, excluding any one- sind, zu erhaltenden Zinsen und sonstigen off financing charges (including without Finanzierungskosten, jeweils ausgenommen limitation, any one-off fees and/or break costs). einmalige Finanzierungskosten (u.a. einmalige Entgelte und/oder Vorfälligkeitsentschädigungen). "Net Nominal Financial Indebtedness" means "Nennbetrag der Finanzverbindlichkeiten the nominal amount of Financial Indebtedness (netto)" bezeichnet den Nennbetrag der incurred minus the nominal amount of Financial eingegangenen Finanzverbindlichkeiten Indebtedness repaid. abzüglich des Nennbetrags der zurückgezahlten Finanzverbindlichkeiten. "Net Nominal Secured Financial "Nennbetrag der Besicherten Indebtedness" means the nominal amount of Finanzverbindlichkeiten (netto)" bezeichnet Secured Financial Indebtedness incurred minus den Nennbetrag der eingegangenen Besicherten the nominal amount of Secured Financial Finanzverbindlichkeiten abzüglich des Indebtedness repaid. Nennbetrags der zurückgezahlten Besicherten Finanzverbindlichkeiten. "Net Nominal Unsecured Financial "Nennbetrag der Unbesicherten Indebtedness" means the nominal amount of Finanzverbindlichkeiten (netto)" bezeichnet Unsecured Financial Indebtedness incurred den Nennbetrag der eingegangenen minus the nominal amount of Unsecured Unbesicherten Finanzverbindlichkeiten abzüglich Financial Indebtedness repaid. des Nennbetrags der zurückgezahlten Unbesicherten Finanzverbindlichkeiten. "Net Unencumbered Assets" means, on a "Unbelastetes Nettovermögen" bezeichnet den consolidated basis determined in accordance nach IFRS auf konsolidierter Basis ermittelten with IFRS, the value of any Real Estate Property Wert des erworbenen Immobilienvermögens der of the Guarantor and its Subsidiaries not subject Garantin und ihrer Tochtergesellschaften, das to any Lien acquired plus the value of all other nicht Gegenstand eines Sicherungsrechts ist, assets of the Guarantor and its Subsidiaries not zuzüglich des Werts aller sonstigen erworbenen subject to any Lien acquired minus the value of Vermögenswerte der Garantin und ihrer such assets which (i) have been disposed of or Tochtergesellschaften, die nicht Gegenstand (ii) have become subject to a Lien. eines Sicherungsrechts sind, abzüglich des Werts solcher Vermögenswerte, die (i) veräußert wurden oder (ii) Gegenstand eines Sicherungsrechts geworden sind. [In the case of Notes kept in custody on behalf [Im Fall von Schuldverschreibungen, die im of the ICSDs and the Global Note is an NGN, Namen der ICSDs verwahrt werden und falls the following applies: "NGN" has the meaning die Globalurkunde eine NGN ist gilt folgendes: assigned to such term in § 1(4).] "NGN" hat die diesem Begriff in § 1(4) zugewiesene Bedeutung.] "Notes" has the meaning assigned to such term "Schuldverschreibungen" hat die diesem in § 1(1). Begriff in § 1(1) zugewiesene Bedeutung. "Opinion of Counsel" means a written opinion "Rechtsgutachten" bezeichnet ein schriftliches from legal counsel. The counsel may be an Gutachten eines Rechtsberaters. Der

191 employee of or counsel to the Guarantor. Rechtsberater kann Mitarbeiter oder externer Rechtsberater der Garantin sein. "Paying Agent" has the meaning assigned to "Zahlstelle" hat die diesem Begriff in § 7(1) such term in § 7(1). zugewiesene Bedeutung. "Person" means any individual, corporation, "Person" bezeichnet natürliche Personen, partnership, joint venture, association, joint stock Körperschaften, Personengesellschaften, Joint company, trust, unincorporated organisation, Ventures, Vereinigungen, Aktiengesellschaften, limited liability company or government (or any Trusts, nicht rechtsfähige Vereinigungen, agency or political subdivision thereof) or other Gesellschaften mit beschränkter Haftung, entity. staatliche Stellen (oder Behörden oder Gebietskörperschaften) oder sonstige Rechtsträger. "Put Date" has the meaning assigned to such "Rückzahlungstag" hat die diesem Begriff in term in § 6(3)(c). § 6(3)(c) zugewiesene Bedeutung. "Put Event Notice" has the meaning assigned to "Gläubigerwahl-Rückzahlungsereignis- such term in § 6(3)(b). Mitteilung" hat die diesem Begriff in § 6(3)(b) zugewiesene Bedeutung. "Put Notice" has the meaning assigned to such "Ausübungserklärung" hat die diesem Begriff term in § 6(3)(c). in § 6(3)(c) zugewiesene Bedeutung. "Put Option" has the meaning assigned to such "Gläubiger-Rückzahlungswahlrecht" hat die term in § 6(3)(a). diesem Begriff in § 6(3)(a) zugewiesene Bedeutung. "Put Period" has the meaning assigned to such "Ausübungszeitraum" hat die diesem Begriff in term in § 6(3)(c). § 6(3)(c) zugewiesene Bedeutung. "Qualified Majority" has the meaning assigned "Qualifizierte Mehrheit" hat die diesem Begriff to such term in § 14(2). in § 14(2) zugewiesene Bedeutung. "Real Estate Property" means the real estate "Immobilienvermögen" bezeichnet das property of such Person and its subsidiaries. Immobilienvermögen der betreffenden Person und ihrer Tochterunternehmen. "Reference Banks" has the meaning assigned to "Referenzbank" hat die diesem Begriff in § 4(3) such term in § 4(3). zugewiesene Bedeutung. [In the case the offered quotation for deposits [Falls der Angebotssatz für Einlagen in der in the Specified Currency is LIBOR, the festgelegten Währung LIBOR ist, gilt following applies: "[Relevant Financial folgendes: "[Relevante(s) Finanzzentrum(en)] Center(s)] Business Day" has the meaning Geschäftstag" hat die diesem Begriff in § 4(3) assigned to such term in § 4(3).] zugewiesene Bedeutung.] "Relevant Period" means the respective most "Maßgeblicher Zeitraum" bezeichnet die recent four consecutive quarters ending prior to letzten vier vor dem jeweiligen Tag der the respective date of determination of the Feststellung des Konsolidierten Deckungsgrads Consolidated Coverage Ratio. endenden aufeinanderfolgenden Quartale. "Relevant Taxing Jurisdiction" has the "Maßgebliche Steuerjurisdiktion" hat die meaning assigned to such term in § 8. diesem Begriff in § 8 zugewiesene Bedeutung. "Reporting Date" means 31 March, 30 June, "Berichtsstichtag" ist der 31. März, 30. Juni, 30 September and 31 December of each year. 30. September und 31. Dezember eines jeden Jahres. "SchVG" has the meaning assigned to such term "SchVG" hat die diesem Begriff in § 14(1)

192 in § 14(1). zugewiesene Bedeutung. "Screen Page" has the meaning assigned to such "Bildschirmseite" hat die diesem Begriff in term in § 4(3). § 4(3) zugewiesene Bedeutung. "Secured Financial Indebtedness" means that "Besicherte Finanzverbindlichkeiten" portion of the aggregate principal amount of all bezeichnet den Teil des Gesamtnennbetrags aller outstanding Financial Indebtedness of the Group ausstehenden Finanzverbindlichkeiten der that is secured by a Lien on properties or other Gruppe, der mit Sicherungsrechten an assets of the Group. Immobilien oder sonstigen Vermögenswerten der Gruppe besichert ist. "Securities Act" means the U.S. Securities Act "Securities Act" bezeichnet das US- of 1933, as amended. Wertpapiergesetz von 1933 (U.S. Securities Act of 1933) in seiner jeweils geltenden Fassung. "Securitised Capital Market Indebtedness" "Verbriefte Kapitalmarktverbindlichkeit means any Capital Market Indebtedness incurred bezeichnet jede Kapitalmarktverbindlichkeit aus in respect of or in connection with any oder im Zusammenhang mit einer Verbriefung securitisation or similar financing arrangement oder vergleichbaren Finanzierungsvereinbarung relating to assets owned by the Guarantor or its in Bezug auf Vermögenswerte der Garantin oder Subsidiaries and where the recourse of the ihrer Tochtergesellschaften, bei der die holders of such Capital Market Indebtedness Rückgriffsrechte der Gläubiger der betreffenden against the Guarantor is limited solely to such Kapitalmarktverbindlichkeit auf die Garantin assets or any income generated therefrom. ausschließlich auf die betreffenden Vermögenswerte oder die daraus erzielten Erträge beschränkt ist. "Specified Denomination" has the meaning "Festgelegte Stückelung" hat die diesem Begriff assigned to such term in § 1(1). in § 1(1) zugewiesene Bedeutung. "Subsidiary" means any Person that must be "Tochtergesellschaft" bezeichnet jede Person, consolidated with the Guarantor for the purposes die bei der Erstellung der Konzernabschlüsse der of preparing Consolidated Financial Statements Garantin mit ihr konsolidiert werden muss. of the Guarantor. "Substitute Debtor" has the meaning assigned "Nachfolgeschuldnerin" hat die diesem Begriff to such term in § 12(1). in § 12(1) zugewiesene Bedeutung. "Substitution Guarantee" has the meaning "Ersetzungsgarantie" hat die diesem Begriff in assigned to such term in § 12(1)(b). § 12(1)(b) zugewiesene Bedeutung. [In the case the Specified Currency is Euro [Wenn die Festgelegte Währung Euro ist and/or the offered quotation for deposits in the und/oder der Angebotssatz für Einlagen in der Specified Currency is EURIBOR the following festgelegten Währung EURIBOR ist, gilt applies: "TARGET Business Day" means a day folgendes: "TARGET Geschäftstag" ist ein Tag, on which all relevant parts of the Trans- an dem alle maßgeblichen Bereiche des Trans- European Automated Real-time Gross European Automated Real-time Gross Settlement Settlement Express Transfer system (TARGET2) Express Transfer System (TARGET2) are operational to effect payments.] betriebsbereit sind, um Zahlungen vorzunehmen.] "Termination Notice" has the meaning assigned "Kündigungserklärung" hat die diesem Begriff to such term in §10(2). in §10(2) zugewiesene Bedeutung. "Total Assets" means the value of the "Bilanzsumme" bezeichnet den Wert der consolidated total assets of the Guarantor and its konsolidierten Bilanzsumme der Garantin und Subsidiaries, as such amount appears, or would ihrer Tochtergesellschaften, der in einer nach

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appear, on a consolidated balance sheet of the IFRS erstellten konsolidierten Bilanz der Guarantor prepared in accordance with IFRS, Garantin erscheint oder erscheinen würde, wobei provided that "Total Assets" shall include the die "Bilanzsumme" die Zuflüsse aus den proceeds of the Financial Indebtedness or einzugehenden Finanzverbindlichkeiten oder Secured Financial Indebtedness to be incurred. Besicherten Finanzverbindlichkeiten einschließt. "Unencumbered Assets" means without "Unbelastetes Vermögen" bezeichnet ohne duplication, (i) the value of any Real Estate doppelte Berücksichtigung (i) den nach IFRS auf Property, on a consolidated basis determined in konsolidierter Basis ermittelten Wert des accordance with IFRS, of the Guarantor and its Immobilienvermögens der Garantin und ihrer Subsidiaries that is not subject to any Lien, plus Tochtergesellschaften, das nicht Gegenstand (ii) the value of all other assets of the Guarantor eines Sicherungsrechts ist, zuzüglich (ii) des and its Subsidiaries that is not subject to any Werts aller sonstigen Vermögenswerte der Lien (where in case of (i) and (ii) the value of Garantin und ihrer Tochtergesellschaften, die Real Estate Property, on a consolidated basis nicht Gegenstand eines Sicherungsrechts sind determined in accordance with IFRS, and other (wobei im Fall von (i) und (ii) der nach IFRS auf assets shall be equal to such amounts that appear, konsolidierter Basis ermittelte Wert des or would appear, on a consolidated balance sheet Immobilienvermögens und der sonstigen of the Guarantor prepared in accordance with Vermögenswerte dem Betrag entspricht, der in IFRS). einer nach IFRS erstellten konsolidierten Bilanz der Garantin erscheint oder erscheinen würde). "Unsecured Financial Indebtedness" means "Unbesicherte Finanzverbindlichkeiten" that portion of the aggregate principal amount of bezeichnet den Teil des Gesamtnennbetrags aller all outstanding Financial Indebtedness of the ausstehenden Finanzverbindlichkeiten der Group that is not Secured Financial Gruppe, bei dem es sich nicht um Besicherte Indebtedness. Finanzverbindlichkeiten handelt. § 17 APPLICABLE LAW, PLACE OF § 17 ANWENDBARES RECHT, JURISDICTION, ENFORCEMENT AND GERICHTSSTAND, GERICHTLICHE PROCESS AGENT GELTENDMACHUNG UND ZUSTELLUNGSBEVOLLMÄCHTIGTER (1) Applicable Law. The Notes, as to form and (1) Anwendbares Recht. Form und Inhalt der content, and all rights and obligations of the Schuldverschreibungen sowie die Rechte und Holders and the Issuer, shall be governed by the Pflichten der Gläubiger und der Emittentin laws of the Federal Republic of Germany, bestimmen sich nach dem Recht der without giving effect to the principles of conflict Bundesrepublik Deutschland, unter Ausschluss of laws. des internationalen Privatrechts. (2) Submission to Jurisdiction. Subject to any (2) Gerichtsstand. Vorbehaltlich eines zwingend mandatory jurisdiction for specific proceedings vorgeschriebenen Gerichtsstands für bestimmte under the SchVG, the place of non-exclusive Verfahren nach dem SchVG ist Frankfurt am jurisdiction for any action or other legal Main nicht ausschließlicher Gerichtsstand für proceedings in connection with the Notes shall sämtliche im Zusammenhang mit den be Frankfurt am Main. Schuldverschreibungen entstehende Klagen oder sonstige Verfahren. (3) Enforcement. Any Holder of Notes may in any (3) Gerichtliche Geltendmachung. Jeder Gläubiger proceedings against the Issuer or any Guarantor, von Schuldverschreibungen ist berechtigt, in or to which such Holder and the Issuer or any jedem Rechtsstreit gegen die Emittentin oder Guarantor are parties, protect and enforce in his eine Garantin oder in jedem Rechtsstreit, in dem own name his rights arising under such Notes on der Gläubiger und die Emittentin oder eine the basis of (i) a statement issued by the Garantin Partei sind, seine Rechte aus diesen

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Custodian with whom such Holder maintains a Schuldverschreibungen im eigenen Namen auf securities account in respect of the Notes (a) der folgenden Grundlage geltend zu machen: (i) stating the full name and address of the Holder, er bringt eine Bescheinigung der Depotbank bei, (b) specifying the aggregate principal amount of bei der er für die Schuldverschreibungen ein Notes credited to such securities account on the Wertpapierdepot unterhält, welche (a) den date of such statement and (c) confirming that vollständigen Namen und die vollständige the Custodian has given written notice to the Adresse des Gläubigers enthält, (b) den Clearing System containing the information Gesamtnennbetrag der Schuldverschreibungen pursuant to (a) and (b) and (ii) a copy of the bezeichnet, die unter dem Datum der Bestätigung Note in global form certified as being a true auf dem Wertpapierdepot verbucht sind und (c) copy by a duly authorised officer of the Clearing bestätigt, dass die Depotbank gegenüber dem System or a depository of the Clearing System, Clearingsystem eine schriftliche Erklärung without the need for production in such abgegeben hat, die die vorstehend unter (a) und proceedings of the actual records or the Global (b) bezeichneten Informationen enthält, und (ii) Note representing the Notes. For purposes of the er legt eine Kopie der die betreffenden foregoing, "Custodian" means any bank or other Schuldverschreibungen verbriefenden financial institution of recognised standing Globalurkunde vor, deren Übereinstimmung mit authorised to engage in securities custody dem Original eine vertretungsberechtigte Person business with which the Holder maintains a von dem Clearingsystem oder einer securities account in respect of the Notes and Verwahrstelle des Clearingsystems bestätigt hat, includes the Clearing System. Each Holder may, ohne dass eine Vorlage der Originalbelege oder without prejudice to the foregoing, protect and der die Schuldverschreibungen verbriefenden enforce his rights under these Notes also in any Globalurkunde in einem solchen Verfahren other way which is admitted in the country of the erforderlich wäre. Für die Zwecke des proceedings. Vorstehenden bezeichnet "Depotbank" jede Bank oder ein sonstiges anerkanntes Finanzinstitut, das berechtigt ist, das Depotgeschäft zu betreiben und bei der/dem der Gläubiger ein Wertpapierdepot für die Schuldverschreibungen unterhält, einschließlich des Clearingsystems. Unbeschadet der vorstehenden Bestimmungen ist jeder Gläubiger berechtigt, seine Rechte aus diesen Schuldverschreibungen auch auf jede andere im Land des Verfahrens zulässige Weise geltend zu machen. (4) Process Agent. The Issuer has appointed the (4) Zustellungsbevollmächtigter. Die Emittentin hat Guarantor as its agent for service of process die Garantin als Zustellungsbevollmächtigte für (Zustellungsbevollmächtigter) in relation to any Verfahren vor deutschen Gerichten im proceedings before the German courts in Zusammenhang mit den Schuldverschreibungen connection with the Notes. bestellt. § 18 LANGUAGE § 18 SPRACHE

[If the Conditions shall be in the German [Falls die Emissionsbedingungen in deutscher language with an English language translation Sprache mit einer Übersetzung in die englische the following applies: These Terms and Sprache abgefasst sind, gilt folgendes: Diese Conditions are written in the German language Emissionsbedingungen sind in deutscher Sprache and provided with an English language abgefasst. Eine Übersetzung in die englische translation. The German text shall be controlling Sprache ist beigefügt. Der deutsche Text ist and binding. The English language translation is bindend und maßgeblich. Die Übersetzung in die

195 provided for convenience only.] englische Sprache ist unverbindlich.] [If the Conditions shall be in the English [Falls die Emissionsbedingungen in englischer language with a German language translation Sprache mit einer Übersetzung in die deutsche the following applies: These Terms and Sprache abgefasst sind, gilt folgendes: Diese Conditions are written in the English language Emissionsbedingungen sind in englischer and provided with German language translation. Sprache abgefasst. Eine Übersetzung in die The English text shall be controlling and deutsche Sprache ist beigefügt. Der englische binding. The German language translation is Text ist bindend und maßgeblich. Die provided for convenience only.] Übersetzung in die deutsche Sprache ist unverbindlich.] [Falls die Emissionsbedingungen nur in deutscher Sprache abgefasst sind, gilt folgendes: Diese Emissionsbedingungen sind ausschließlich in deutscher Sprache abgefasst.] [If the Conditions shall be in the English language only the following applies: These Terms and Conditions are written in the English language only.]

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FORM OF GUARANTEE

GUARANTEE GARANTIE

of der

Deutsche Annington Immobilien SE, Deutsche Annington Immobilien SE, Düsseldorf, Düsseldorf, Federal Republic of Germany Bundesrepublik Deutschland (the "Guarantor") (die "Garantin") for the benefit of the holders of Notes (the "Notes") zugunsten der Gläubiger von Schuldverschreibungen issued by (die "Schuldverschreibungen") emittiert durch

Deutsche Annington Finance B.V., Deutsche Annington Finance B.V., Amsterdam, The Netherlands Amsterdam, Niederlande (the "Issuer") (die "Emittentin") under the im Rahmen des EUR 8,000,000,000 Debt Issuance Programme EUR 8.000.000.000 Debt Issuance Programme of Deutsche Annington Finance B.V. guaranteed by der Deutsche Annington Finance B.V. garantiert Deutsche Annington Immobilien SE durch die (as amended, supplemented or restated Deutsche Annington Immobilien SE from time to time) (wie jeweils abgeändert, ergänzt oder neu gefasst) (the "Programme") (das "Programm")

§ 1 GUARANTEE, STATUS § 1 GARANTIE, STATUS (1) The Guarantor hereby unconditionally and (1) Die Garantin garantiert hiermit unbedingt und irrevocably guarantees by way of an unwiderruflich im Wege eines selbständigen independent payment obligation (selbständiges Zahlungsversprechens gegenüber jedem Zahlungsversprechen) to each holder of a Note, Gläubiger einer Schuldverschreibung, die an issued by the Issuer on or after the date of this oder zu irgendeinem Zeitpunkt nach dem Guarantee under the Programme, (the Datum dieser Garantie von der Emittentin im "Holders") the due and punctual payment of Rahmen des Programms begeben wird, (die principal of, and interest on, and any other "Gläubiger") die ordnungsgemäße und amounts payable under the relevant Notes (the pünktliche Zahlung aller Kapital-, Zins- und "Guarantee"). This Guarantee shall be separate sonstigen auf die Schuldverschreibungen and independent from the obligations of the zahlbaren Beträge (die "Garantie"). Diese Issuer and shall exist irrespective of the validity Garantie besteht selbständig und unabhängig and enforceability of the obligations of the von den Verbindlichkeiten der Emittentin und Issuer. gilt unabhängig von der Wirksamkeit und Durchsetzbarkeit der Verbindlichkeiten der Emittentin. (2) The intent and purpose of this Guarantee is to (2) Sinn und Zweck dieser Garantie ist es, ensure that the Holders under all circumstances, sicherzustellen, dass die Gläubiger unter allen whether factual or legal, and regardless of the Umständen tatsächlicher oder rechtlicher Art validity and enforceability of the obligations of und unabhängig von der Wirksamkeit und the Issuer or of any other grounds on the basis Durchsetzbarkeit der Verbindlichkeiten der

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of which the Issuer may fail to effect payment, Emittentin oder sonstiger Gründe, auf deren shall receive the amounts payable as principal, Basis die Emittentin Zahlungen möglicherweise interest and other amounts to the Holders nicht leistet, die in Form von Kapital- oder pursuant to the Conditions on the due dates as Zinszahlungen oder sonstigen Zahlungen provided for in the Conditions. gemäß den Emissionsbedingungen an die Gläubiger zu leistenden Beträge bei Fälligkeit nach Maßgabe der Emissionsbedingungen erhalten. (3) The Guarantor hereby explicitly waives any (3) Die Garantin verzichtet hiermit ausdrücklich personal defenses of the Issuer (Einreden des auf alle der Emittentin zustehenden Hauptschuldners) as well as any defenses persönlichen Einreden des Hauptschuldners arising out of the Issuer's right of revocation sowie auf alle der Emittentin zustehenden (Anfechtbarkeit) or set-off (Aufrechenbarkeit) Einreden der Anfechtbarkeit oder with respect to the Notes. This waiver shall not Aufrechenbarkeit im Hinblick auf die apply to any defenses relating to any right of Schuldverschreibungen. Dieser Verzicht auf die set-off with counterclaims that are (i) Einrede der Aufrechenbarkeit gilt nicht für (i) uncontested (unbestritten) or (ii) based on an unbestrittene oder (ii) rechtskräftig festgestellte unappealable (rechtskräftig festgestellt) court Gegenforderungen. decision. (4) The Guarantor expressly consents to the (4) Die Garantin erklärt ausdrücklich, dass die Guarantee being independent from any other Garantie unabhängig von allen anderen im security granted in connection with the Notes Zusammenhang mit den and waives any right which might result from Schuldverschreibungen gestellten Sicherheiten the release of any such other security. besteht, und verzichtet auf alle etwaigen aus einer Freigabe solcher anderen Sicherheiten entstehenden Rechte. (5) The Guarantor's payment obligations under this (5) Die Zahlungsverpflichtungen der Garantin aus Guarantee become automatically due and dieser Garantie werden automatisch fällig und payable if and when the Issuer does not make a zahlbar, sofern und sobald die Emittentin eine payment with respect to the Notes when such Zahlung auf die Schuldverschreibungen nicht payment is due and payable pursuant to the bei Fälligkeit gemäß den Conditions. Emissionsbedingungen leistet. (6) The obligations of the Guarantor under this (6) Die Verbindlichkeiten der Garantin aus dieser Guarantee shall rank at least pari passu with all Garantie sind mit allen anderen nicht other unsubordinated obligations of the nachrangigen Verbindlichkeiten der Garantin Guarantor, unless such obligations are accorded mindestens gleichrangig, soweit diesen priority under mandatory provisions of Verbindlichkeiten nicht durch zwingende statutory law. gesetzliche Bestimmungen ein Vorrang eingeräumt wird. (7) This Guarantee is discharged upon the full and (7) Diese Garantie ist mit der vollständigen und irrevocable satisfaction of all claims guaranteed unwiderruflichen Befriedigung aller gemäß pursuant to this § 1 (the "Guaranteed diesem § 1 garantierten Ansprüche (die Obligations"). However, if any of the "Garantierten Verpflichtungen") Guaranteed Obligations was only temporarily abschließend erfüllt. Sollten Garantierte satisfied or may be set aside by an insolvency Verpflichtungen jedoch nur vorläufig erfüllt administrator (Anfechtungsrecht) or may oder Gegenstand eines Anfechtungsrechts eines otherwise be avoided, the Guarantee shall Insolvenzverwalters oder anderweitig continue in full force and effect. anfechtbar sein, so bleibt die Garantie weiterhin

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in Kraft. (8) The Guarantor shall ensure that, so long as any (8) Solange Schuldverschreibungen ausstehen, of the Notes are outstanding, but only up to the jedoch nur bis zu dem Zeitpunkt, an dem alle time all amounts of principal and interest have Beträge an Kapital und Zinsen dem Fiscal been placed at the disposal of the Fiscal Agent, Agent zur Verfügung gestellt wurden, wird die the Issuer or, as applicable, the Substitute Garantin sicherstellen, dass die Emittentin bzw. Debtor is at all times an Affiliate of the die Nachfolgeschuldnerin stets ein Verbundenes Guarantor. Unternehmen der Garantin ist. § 2 NEGATIVE PLEDGE §2 NEGATIVVERPFLICHTUNG (1) Negative Pledge of the Guarantor. The (1) Negativverpflichtung der Garantin. Die Guarantor undertakes, so long as any Notes are Garantin verpflichtet sich, solange outstanding, but only up to the time all amounts Schuldverschreibungen ausstehen, jedoch nur of principal and interest have been placed at the bis zu dem Zeitpunkt, an dem alle Beträge an disposal of the Fiscal Agent, not to create or Kapital und Zinsen dem Fiscal Agent zur permit to subsist, and to procure that none of its Verfügung gestellt wurden, keine dinglichen Material Subsidiaries will create or permit to Sicherungsrechte an ihren Vermögenswerten subsist, any form of security interest in rem zur Besicherung von (dingliches Sicherungsrecht) over its assets to Kapitalmarktverbindlichkeiten (mit Ausnahme secure any Capital Market Indebtedness other Verbriefter Kapitalmarktverbindlichkeiten) oder than Securitized Capital Market Indebtedness von durch die Garantin oder eine ihrer or to secure any guarantee or indemnity given Tochtergesellschaften in Bezug auf by the Guarantor or any of its Subsidiaries in Kapitalmarktverbindlichkeiten übernommenen respect of Capital Market Indebtedness unless, Garantien oder abgegebenen subject to § 2(2), the Issuer's obligations under Freistellungserklärungen zu bestellen oder the Notes are secured equally with (or, in case fortbestehen zu lassen bzw. sicherzustellen, such Capital Market Indebtedness is dass keine ihrer Wesentlichen subordinated debt, senior in priority to) the Tochtergesellschaften dies tut, es sei denn, die Capital Market Indebtedness secured by such Verbindlichkeiten der Emittentin aus den security interest. Schuldverschreibungen werden vorbehaltlich § 2(2) durch das betreffende Sicherungsrecht gleichrangig mit der jeweiligen Kapitalmarktverbindlichkeit (oder, sofern es sich dabei um eine nachrangige Verbindlichkeit handelt, im Vergleich dazu vorrangig) besichert. (2) Limitation. The undertakings pursuant to § 2(1) (2) Beschränkung. Die Verpflichtungserklärungen shall not apply: nach § 2(1) gelten nicht: (a) to any security interest which is (a) für Sicherungsrechte, die nach mandatory according to applicable laws anwendbarem Recht zwingend or required as prerequisite for vorgeschrieben sind oder Voraussetzung governmental approvals; or für die Gewährung staatlicher Genehmigungen sind; oder (b) with respect to any security right in rem (b) für dingliche Sicherungsrechte, die von (dingliches Sicherungsrecht) provided by einer Tochtergesellschaft an Forderungen any Subsidiary over any of such gegen die Garantin bestellt werden, die Subsidiary's claims against the Guarantor, ihr aufgrund der Weiterleitung von which claims arise as a result of the erzielten Erlösen der Tochtergesellschaft passing on to the Guarantor of the aus der Begebung von

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proceeds from the issue by such Kapitalmarktverbindlichkeiten erzielten Subsidiary of any Capital Market Erlösen der Tochtergesellschaft an die Indebtedness, provided that any such Garantin zustehen, vorausgesetzt, diese security serves solely to secure Sicherheiten dienen ausschließlich der obligations under such Capital Market Besicherung von Verpflichtungen aus den Indebtedness issued by such Subsidiary. von dieser Tochtergesellschaft begebenen Kapitalmarktverbindlichkeiten. (3) Provision of Additional Security. Whenever the (3) Bestellung zusätzlicher Sicherheiten. Entsteht Guarantor becomes obligated to secure (or für die Garantin die Verpflichtung zur procure that a Material Subsidiary secures) the Besicherung der Schuldverschreibungen gemäß Notes pursuant to this § 2 (1) and (2), the diesem § 2 (1) und (2) (oder die Verpflichtung, Guarantor shall be entitled to discharge such für deren Besicherung durch eine Wesentliche obligation by providing (or procure that the Tochtergesellschaft Sorge zu tragen), so ist die relevant Material Subsidiary provide) a security Garantin berechtigt, diese Verpflichtung interest in the relevant collateral to a security dadurch zu erfüllen, dass ein Sicherungsrecht trustee, such security trustee to hold such an dem jeweiligen Sicherungsgegenstand collateral and the security interest that gave rise zugunsten eines Sicherheitentreuhänders to the creation of such collateral, equally begründet wird (bzw. dadurch, dass sie die (dinglich oder, falls rechtlich nicht möglich, betreffende Wesentliche Tochtergesellschaft zur aufgrund schuldrechtlicher Vereinbarung Begründung eines solchen Sicherungsrechts gleichrangig), for the benefit of the Holders veranlasst), und zwar in einer Weise, dass der and the holders of the Capital Market Sicherheitentreuhänder diesen Indebtedness secured by the security interest Sicherungsgegenstand dinglich oder, falls that gave rise to the creation of such security rechtlich nicht möglich, aufgrund interest in such collateral. schuldrechtlicher Vereinbarung gleichrangig zugunsten der Gläubiger der Schuldverschreibungen und der Gläubiger derjenigen Kapitalmarktverbindlichkeit hält, die aufgrund einer Besicherung mit einem Sicherungsrecht zur Bestellung dieses Sicherungsrechts an dem betreffenden Sicherungsgegenstand führte. § 3 TAXATION § 3 BESTEUERUNG All amounts payable in respect of this Guarantee Alle in Bezug auf diese Garantie zu zahlenden shall be made without withholding or deduction for Beträge werden ohne Einbehalt oder Abzug von oder or on account of any present or future taxes or duties aufgrund von gegenwärtigen oder zukünftigen of whatever nature imposed or levied at source by Steuern oder Abgaben gleich welcher Art gezahlt, die way of withholding or deduction by or on behalf of von oder im Namen eines Landes, in dem die any jurisdiction in which the Guarantor is organized, Garantin gegründet wurde, geschäftstätig, steuerlich engaged in business, resident for tax purposes or ansässig oder grundsätzlich mit ihren generally subject to tax on a net income basis or Nettoeinkünften steuerpflichtig ist oder über das oder through or from which payment on the Guarantee is aus dem Zahlungen auf die Garantie geleistet made or any political subdivision or any authority werden, oder einer Gebietskörperschaft oder einer thereof or therein having power to tax (each, a Steuerbehörde dieses Landes (jeweils eine "Relevant Taxing Jurisdiction"), unless such "Maßgebliche Steuerjurisdiktion") im Wege des withholding or deduction is required by law. If such Abzugs oder Einbehalts an der Quelle auferlegt oder withholding with respect to amounts payable in erhoben werden, es sei denn, ein solcher Abzug oder respect of this Guarantee is required by law, the Einbehalt ist gesetzlich vorgeschrieben. Ist ein Guarantor will pay such additional amounts (the Einbehalt in Bezug auf diese Garantie zu zahlenden

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"Additional Amounts") as shall be necessary in Beträge gesetzlich vorgeschrieben, so wird die order that the net amounts received by the Holders, Garantie diejenigen zusätzlichen Beträge (die after such withholding or deduction shall equal the "Zusätzlichen Beträge") zahlen, die erforderlich respective amounts which would otherwise have sind, damit die den Gläubigern zufließenden been receivable in the absence of such withholding Nettobeträge nach einem solchen Einbehalt oder or deduction; except that no such Additional Abzug jeweils den Beträgen entsprechen, die ohne Amounts shall be payable on account of any taxes or einen solchen Einbehalt oder Abzug von den duties which: Gläubigern erhalten worden wären; eine Verpflichtung zur Zahlung solcher Zusätzlichen Beträge besteht jedoch nicht für solche Steuern oder Abgaben: (a) are payable by any Person acting as (a) die von einer als Depotbank oder custodian bank or collecting agent on Inkassobeauftragter im Names eines behalf of a Holder, or otherwise in any Gläubigers handelnden Person zu manner which does not constitute a entrichten sind oder sonst auf andere deduction or withholding by the Weise zu entrichten sind als dadurch, dass Guarantor from payments of principal or die Garantin von den von ihr zu interest made by it, or leistenden Zahlungen von Kapital oder Zinsen einen Abzug oder Einbehalt vornimmt, oder (b) are payable by reason of the Holder (b) die aufgrund einer bestehenden oder having, or having had, some personal or früheren persönlichen oder geschäftlichen business connection with the Relevant Beziehung des Gläubigers zur Taxing Jurisdiction and not merely by Maßgeblichen Steuerjurisdiktion zu reason of the fact that payments in respect zahlen sind, und nicht allein deshalb, weil of this Guarantee are, or for purposes of Zahlungen auf diese Garantie aus Quellen taxation are deemed to be, derived from in der Maßgeblichen Steuerjurisdiktion sources in, or are secured in, the Relevant stammen (oder für Zwecke der Taxing Jurisdiction, or Besteuerung so behandelt werden) oder dort besichert sind, oder (c) are deducted or withheld pursuant to (i) (c) die aufgrund (i) einer Richtlinie oder any European Union Directive or Verordnung der Europäischen Union Regulation concerning the taxation of betreffend die Besteuerung von interest income, or (ii) any international Zinserträgen oder (ii) zwischenstaatlicher treaty or understanding relating to such Abkommen oder Vereinbarungen über taxation and to which the Federal deren Besteuerung, an denen die Republic of Germany, or the Kingdom of Bundesrepublik Deutschland oder das The Netherlands or the European Union Königreich Niederlande oder die is a party, or (iii) any provision of law Europäische Union beteiligt ist, oder (iii) implementing, or complying with, or einer gesetzlichen Vorschrift, die der introduced to conform with, such Umsetzung dieser Richtlinie, Verordnung Directive, Regulation, treaty or oder dieses Abkommens oder dieser understanding, or Vereinbarung dient, diesen entspricht oder zur Anpassung an diese eingeführt wurde, abzuziehen oder einzubehalten sind, oder (d) would not have been imposed or withheld (d) die nicht erhoben oder einbehalten but for the failure of the Holder or worden wären, wenn es der Gläubiger beneficial owner of Notes (including, for oder der wirtschaftliche Eigentümer der these purposes, any financial institution Schuldverschreibungen (für die

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through which the Holder or beneficial vorliegenden Zwecke einschließlich owner holds the Notes or through which Finanzinstitute, über die der Gläubiger payment on the Notes is made), following oder wirtschaftliche Eigentümer die a written request by or on behalf of the Schuldverschreibungen hält oder über die Issuer or a Guarantor addressed to the Zahlungen auf die Schuldverschreibungen Holder or beneficial owner (and made at a erfolgen) nicht unterlassen hätte, nach time that would enable the Holder or einer an den Gläubiger oder beneficial owner acting reasonably to wirtschaftlichen Eigentümer gerichteten comply with that request, and in all schriftlichen Aufforderung der Emittentin, events, at least 30 days before any einer Garantin oder in deren Namen (die withholding or deduction would be so rechtzeitig erfolgt, dass der Gläubiger required), to comply with any bzw. der wirtschaftliche Eigentümer certification, identification, information dieser Aufforderung mit zumutbaren or other reporting requirement whether Anstrengungen nachkommen kann, in required by statute, treaty, regulation or jedem Fall aber mindestens 30 Tage, administrative practice of a Relevant bevor ein Einbehalt oder Abzug Taxing Jurisdiction, that is a precondition erforderlich wäre), einer aufgrund von to exemption from, or reduction in the Gesetzen, Abkommen, Verordnungen rate of deduction or withholding of, taxes oder der Verwaltungspraxis in einer imposed by the Relevant Taxing Maßgeblichen Steuerjurisdiktion Jurisdiction (including, without vorgeschrieben Bescheinigungs-, limitation, a certification that the Holder Identifizierungs-, Informations-, oder or beneficial owner is not resident in the sonstigen Nachweispflicht Relevant Taxing Jurisdiction), but in each nachzukommen, die Voraussetzung für case, only to the extent the Holder or eine Befreiung von in der Maßgeblichen beneficial owner is legally entitled to Steuerjurisdiktion erhobenen Steuern oder provide such certification, information or eine Reduzierung der Höhe des Abzugs documentation, or oder Einbehalts solcher Steuern ist (u. a. eine Bescheinigung, dass der Gläubiger bzw. der wirtschaftliche Eigentümer nicht in der Maßgeblichen Steuerjurisdiktion ansässig ist), jedoch jeweils nur, soweit der Gläubiger bzw. der wirtschaftliche Eigentümer rechtlich berechtigt ist, die Bescheinigung, Information oder Dokumentation vorzulegen, oder (e) are payable by reason of a change in law (e) die wegen einer Rechtsänderung zu that becomes effective more than 30 days zahlen sind, welche später als 30 Tage after the relevant payment becomes due, nach Fälligkeit der betreffenden Zahlung or is duly provided for and notice thereof oder, wenn dies später erfolgt, is published in accordance with § 15 of ordnungsgemäßer Bereitstellung aller the Conditions, whichever occurs later, or fälligen Beträge und einer diesbezüglichen Bekanntmachung gemäß § 15 der Emissionsbedingungen wirksam wird, oder (f) any combinations of items (a)-(e), (f) jegliche Kombination der Absätze (a)-(e). nor shall any Additional Amounts be paid with Zudem werden keine Zusätzlichen Beträge im respect to any payment on a Note to a Holder who is Hinblick auf Zahlungen auf die a fiduciary or partnership or who is other than the Schuldverschreibungen an einen Gläubiger gezahlt,

202 sole beneficial owner of such payment to the extent welcher die Zahlung als Treuhänder oder such payment would be required by the laws of the Personengesellschaft oder als sonstiger nicht Relevant Taxing Jurisdiction to be included in the alleiniger wirtschaftlicher Eigentümer der Zahlung income, for tax purposes, of a beneficiary or settlor erhält, soweit nach den Gesetzen der Maßgeblichen with respect to such fiduciary or a member of such Steuerjurisdiktion eine solche Zahlung für partnership or a beneficial owner who would not Steuerzwecke dem Einkommen des Begünstigten have been entitled to such Additional Amounts had bzw. Gründers eines Treuhandvermögens oder eines such beneficiary, settlor, member or beneficial owner Gesellschafters der Personengesellschaft zugerechnet been the Holder of the Note. würde, der jeweils selbst nicht zum Erhalt von Zusätzlichen Beträgen berechtigt gewesen wäre, wenn der Begünstigte, Gründer eines Treuhandvermögens, Gesellschafter oder wirtschaftliche Eigentümer selbst Gläubiger der Schuldverschreibungen wäre. For the avoidance of doubt, the withholding tax Zur Klarstellung wird festgehalten, dass die (Kapitalertragsteuer) currently levied in the Federal gegenwärtig in der Bundesrepublik Deutschland Republic of Germany at the level of the custodian gemäß dem zum Begebungstag geltenden bank and the solidarity surcharge Steuerrecht auf der Ebene der Depotbank erhobene (Solidaritätszuschlag) imposed thereon as well as Kapitalertragsteuer und der darauf anfallende church tax (Kirchensteuer) levied on the withholding Solidaritätszuschlag sowie die auf die tax pursuant to tax law as in effect as of the Issue Kapitalertragsteuer anfallende Kirchensteuer keine Date do not constitute a tax or duty as described Steuern oder Abgaben der vorstehend beschriebenen above in respect of which Additional Amounts would Art darstellen, für die von der Emittentin Zusätzliche be payable by the Issuer. Beträge zu zahlen wären. § 4 COVENANTS § 4 VERPFLICHTUNGSERKLÄRUNGEN (1) Limitations on Incurrence of Financial (1) Beschränkungen für das Eingehen von Indebtedness. The Guarantor undertakes that it Finanzverbindlichkeiten. Die Garantin will not, and will procure that none of its verpflichtet sich, nach dem Begebungstag keine Subsidiaries will, after the Issue Date, incur any Finanzverbindlichkeiten einzugehen und Financial Indebtedness if, immediately after sicherzustellen, dass ihre Tochtergesellschaften giving effect to the incurrence of such nach dem Begebungstag keine additional Financial Indebtedness and the Finanzverbindlichkeiten eingehen, wenn application of the net proceeds of such jeweils unmittelbar nach Wirksamwerden des incurrence: Eingehens solcher weiterer Finanzverbindlichkeiten und der Verwendung des damit erzielten Nettoerlöses eine der folgenden Bedingungen erfüllt wären: (a) the sum of (i) the Consolidated Financial (a) die Summe aus (i) den Konsolidierten Indebtedness of the Group as of the Finanzverbindlichkeiten der Gruppe zum immediately preceding Reporting Date unmittelbar vorangegangenen for which Consolidated Financial Berichtsstichtag, zu dem ein Statements of the Guarantor have been Konzernabschluss der Garantin published and (ii) the Net Nominal veröffentlicht wurde, und (ii) dem Financial Indebtedness incurred since the Nennbetrag der Finanzverbindlichkeiten immediately preceding Reporting Date (netto), die seit dem unmittelbar for which Consolidated Financial vorangegangenen Berichtsstichtag Statements of the Guarantor have been eingegangen wurden, zu dem ein published would exceed 60 per cent. of Konzernabschluss der Garantin the sum of (without duplication) (x) Total veröffentlicht wurde, würde einen Betrag

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Assets as of the immediately preceding in Höhe von 60 % der Summe (unter Reporting Date for which Consolidated Ausschluss einer Financial Statements of the Guarantor Doppelberücksichtigung) aus (x) der have been published, (y) the purchase Bilanzsumme zum unmittelbar price of any Real Estate Property vorangegangenen Berichtsstichtag, zu acquired or contracted for acquisition dem ein Konzernabschluss der Garantin since the immediately preceding veröffentlicht wurde, (y) dem Kaufpreis Reporting Date for which Consolidated für Immobilienvermögen, das seit dem Financial Statements of the Guarantor unmittelbar vorangegangenen have been published and (z) the proceeds Berichtsstichtag, zu dem ein of any Financial Indebtedness incurred Konzernabschluss der Garantin since the immediately preceding veröffentlicht wurde, erworben wurde Reporting Date for which Consolidated oder für dessen Erwerb seit diesem Financial Statements of the Guarantor Zeitpunkt eine Verpflichtung eingegangen have been published (but only to the wurde, und (z) dem Erlös aus extent such proceeds were not used to Finanzverbindlichkeiten, die seit dem acquire Real Estate Property or to reduce unmittelbar vorangegangenen Financial Indebtedness); or Berichtsstichtag eingegangen wurden, zu dem ein Konzernabschluss der Garantin veröffentlicht wurde (jedoch nur soweit dieser Erlös nicht zum Erwerb von Immobilienvermögen oder zur Verringerung von Finanzverbindlichkeiten verwendet wurde) übersteigen; oder (b) the sum of (i) the Consolidated Secured (b) die Summe aus (i) den Besicherten Financial Indebtedness of the Group as of Konsolidierten Finanzverbindlichkeiten the immediately preceding Reporting der Gruppe zum unmittelbar Date for which Consolidated Financial vorangegangenen Berichtsstichtag, zu Statements of the Guarantor have been dem ein Konzernabschluss der Garantin published and (ii) the Net Nominal veröffentlicht wurde, und (ii) dem Secured Financial Indebtedness incurred Nennbetrag der Besicherten since the immediately preceding Finanzverbindlichkeiten (netto), die seit Reporting Date for which Consolidated dem unmittelbar vorangegangenen Financial Statements of the Guarantor Berichtsstichtag eingegangen wurden, zu have been published would exceed 45 per dem ein Konzernabschluss der Garantin cent. of the sum of (without duplication) veröffentlicht wurde, würde einen Betrag (x) Total Assets as of the immediately in Höhe von 45 % der Summe (unter preceding Reporting Date for which Ausschluss einer Consolidated Financial Statements of the Doppelberücksichtigung) aus (x) der Guarantor have been published, (y) the Bilanzsumme zum unmittelbar purchase price of any Real Estate vorangegangenen Berichtsstichtag, zu Property acquired or contracted for dem ein Konzernabschluss der Garantin acquisition since the immediately veröffentlicht wurde, (y) dem Kaufpreis preceding Reporting Date for which für Immobilienvermögen, das seit dem Consolidated Financial Statements of the unmittelbar vorangegangenen Guarantor have been published and (z) Berichtsstichtag, zu dem ein the proceeds of any Financial Konzernabschluss der Garantin Indebtedness incurred since the veröffentlicht wurde, erworben wurde immediately preceding Reporting Date oder für dessen Erwerb seit diesem

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for which Consolidated Financial Zeitpunkt eine Verpflichtung eingegangen Statements of the Guarantor have been wurde, und (z) dem Erlös aus published (but only to the extent such Finanzverbindlichkeiten, die seit dem proceeds were not used to acquire Real unmittelbar vorangegangenen Estate Property or to reduce Financial Berichtsstichtag eingegangen wurden, zu Indebtedness). dem ein Konzernabschluss der Garantin veröffentlicht wurde (jedoch nur soweit dieser Erlös nicht zum Erwerb von Immobilienvermögen oder zur Verringerung von Finanzverbindlichkeiten verwendet wurde) übersteigen. (2) Maintenance of Consolidated Coverage Ratio. (2) Einhaltung des Konsolidierten Deckungsgrads. The Guarantor undertakes that on each Die Garantin verpflichtet sich, dass der Reporting Date the Consolidated Coverage Konsolidierte Deckungsgrad an jedem Ratio will be at least 1.80 to 1.00. Berichtsstichtag mindestens 1,80 zu 1,00 betragen wird. (3) Maintenance of Total Unencumbered Assets. (3) Einhaltung des Gesamtbetrags des The Guarantor undertakes that from the Issue Unbelasteten Vermögens. Die Garantin Date the sum of (i) the Unencumbered Assets verpflichtet sich, dass ab dem Begebungstag as of the immediately preceding Reporting Date die Summe aus (i) dem Unbelasteten Vermögen for which Consolidated Financial Statements of zum unmittelbar vorangegangenen the Guarantor have been published and (ii) the Berichtsstichtag, zu dem ein Konzernabschluss Net Unencumbered Assets newly recorded der Garantin veröffentlicht wurde, und (ii) dem since the immediately preceding Reporting seit dem unmittelbar vorangegangenen Date for which Consolidated Financial Berichtsstichtag, zu dem ein Konzernabschluss Statements of the Guarantor have been der Garantin veröffentlicht wurde, neu erfassten published will at no time be less than 125 per Unbelasteten Nettovermögen zu keiner Zeit cent. of the sum of (x) the Unsecured Financial weniger als 125 % der Summe aus (x) den Indebtedness as of the immediately preceding Unbesicherten Finanzverbindlichkeiten zum Reporting Date for which Consolidated unmittelbar vorangegangenen Berichtsstichtag, Financial Statements of the Guarantor have zu dem ein Konzernabschluss der Garantin been published and (y) the Net Nominal veröffentlicht wurde, und (y) dem Nennbetrag Unsecured Financial Indebtedness incurred der Unbesicherten Finanzverbindlichkeiten since the immediately preceding Reporting (netto), die seit dem unmittelbar Date for which Consolidated Financial vorangegangenen Berichtsstichtag, zu dem ein Statements of the Guarantor have been Konzernabschluss der Garantin veröffentlicht published. wurde, eingegangen wurden, betragen wird. (4) Reports. For so long as any Notes are (4) Berichte. Solange Schuldverschreibungen outstanding, the Guarantor shall post on its ausstehen, veröffentlicht die Garantin die website, folgenden Angaben auf ihrer Internetseite: (a) within 120 days after the end of each of (a) innerhalb von 120 Tagen nach dem Ende the Guarantor's fiscal years, annual jedes Geschäftsjahres einen reports containing the following Geschäftsbericht der Garantin mit den information: folgenden Angaben: (i) audited consolidated financial (i) einem geprüften Konzernabschluss statements in accordance with IFRS nach den in der EU anwendbaren as adopted by the EU and the International Financial Reporting

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management report in accordance Standards (IFRS) und einen with section 315 of the German Lagebericht nach § 315 HBG; Commercial Code (Handelsgesetzbuch); (ii) in addition to the requirements of (ii) zusätzlich zu den Anforderungen IFRS and of the German nach IFRS und HGB soll der Commercial Code Lagebericht zum Konzernabschluss (Handelsgesetzbuch) the Angaben enthalten über die management report to the Einhaltung der consolidated financial statements Verpflichtungserklärungen zu should include information on "Beschränkungen für das Eingehen compliance by the Guarantor with von Finanzverbindlichkeiten", the covenants "Limitations on "Einhaltung des Konsolidierten Incurrence of Financial Deckungsgrads" und "Einhaltung Indebtedness", "Maintenance of des Gesamtbetrags des Unbelasteten Consolidated Coverage Ratio" and Vermögens" durch die Garantin; und "Maintenance of Total Unencumbered Assets"; and (iii) the audit opinion of the independent (iii) dem Bestätigungsvermerk des auditors on the consolidated Abschlussprüfers zum financial statements; Konzernabschluss; (b) within 60 days after the end of each of the (b) innerhalb von 60 Tagen nach dem Ende first three fiscal quarters in each fiscal jedes der ersten drei Quartale jedes year of the Guarantor, unaudited Geschäftsjahres der Garantin einen condensed consolidated quarterly ungeprüften verkürzten Konzern- financial statements in accordance with Zwischenabschluss nach den in der EU IFRS as adopted by the EU and the anwendbaren IFRS und den requirements of section 37w of the Anforderungen des § 37w German Securities Trading Act Wertpapierhandelsgesetz (WpHG), der (Wertpapierhandelsgesetz - WpHG), Angaben über die Einhaltung der which will include information on Verpflichtungserklärungen zu compliance with the covenants "Beschränkungen für das Eingehen von "Limitations on Incurrence of Financial Finanzverbindlichkeiten", "Einhaltung Indebtedness", "Maintenance of des Konsolidierten Deckungsgrads" und Consolidated Coverage Ratio" and "Einhaltung des Gesamtbetrags des "Maintenance of Total Unencumbered Unbelasteten Vermögens" enthält. Assets". § 5 RESOLUTIONS OF HOLDERS - § 5 BESCHLÜSSE DER GLÄUBIGER - AMENDMENTS TO THE GUARANTEE ÄNDERUNGEN DER GARANTIE The Holders of each series of Notes may consent to Die Gläubiger jeder Serie von amendments of this Guarantee in respect of the Schuldverschreibungen können durch respective series of Notes by majority resolution Mehrheitsbeschluss gemäß § 14 der passed in accordance with § 14 of the Conditions, Emissionsbedingungen Änderungen dieser Garantie provided that no obligation to make any payment or im Hinblick auf die jeweilige Serie von render any other performance shall be imposed on Schuldverschreibungen zustimmen. Eine any Holder by majority resolution. Verpflichtung zur Leistung kann für die Gläubiger durch Mehrheitsbeschluss nicht begründet werden. Majority resolutions shall be binding on all Holders Mehrheitsbeschlüsse sind für alle Gläubiger der

206 of the respective series of Notes. Resolutions which jeweiligen Serie von Schuldverschreibungen do not provide for identical conditions for all Holders verbindlich. Ein Mehrheitsbeschluss der Gläubiger, of the respective Series of Notes are void, unless der nicht gleiche Bedingungen für alle Gläubiger Holders who are disadvantaged have expressly vorsieht, ist unwirksam, es sei denn die consented to their being treated disadvantageously. benachteiligten Gläubiger stimmen ihrer Benachteiligung ausdrücklich zu. § 6 DEFINITIONS § 6 DEFINITIONEN Unless otherwise defined in this Guarantee, terms Soweit diese Garantie keine anderslautenden used herein and defined in the Conditions shall have Definition enthält, haben hierin verwendete Begriffe, the meaning attributed to them in the Conditions. die in den Emissionsbedingungen definiert sind, jeweils die ihnen in den Emissionsbedingungen zugewiesene Bedeutung. "Additional Amounts" has the meaning assigned to "Zusätzliche Beträge" hat die diesem Begriff in § 3 such term in § 3. zugewiesene Bedeutung. "Affiliate" means any affiliated company "Verbundenes Unternehmen" bezeichnet ein (verbundenes Unternehmen) within the meaning of verbundenes Unternehmen im Sinne von § 15 section 15 of the German Stock Corporation Act Aktiengesetz (AktG). (Aktiengesetz). "Capital Market Indebtedness" means any present "Kapitalmarktverbindlichkeit" bezeichnet jede or future obligation for the payment of borrowed gegenwärtige oder künftige Verbindlichkeit zur money (including obligations by reason of any Rückzahlung aufgenommener Geldbeträge guarantee or other liability agreement for such (einschließlich Verbindlichkeiten aus Garantien oder obligations of third parties) which is in the form of, sonstigen Haftungsvereinbarungen für solche or represented by, bonds, notes or other securities Verbindlichkeiten Dritter), die in Form von Anleihen, which are capable of being quoted, listed, dealt in or Schuldverschreibungen oder sonstigen Wertpapieren, traded on a stock exchange, over-the-counter-market die an einer Börse, einem außerbörslichen Markt or other recognised securities market. oder an einem anderen anerkannten Wertpapiermarkt notiert, zugelassen oder gehandelt werden können, verbrieft, verkörpert oder dokumentiert ist. "Code" has the meaning assigned to such term in "Code" hat die diesem Begriff in § 3(e) zugewiesene § 3(e). Bedeutung. "Conditions" means the terms and conditions of the "Emissionsbedingungen" bezeichnet die der relevant Notes issued under the Programme, as jeweiligen Globalurkunde beigefügten annexed to the relevant Global Note. Emissionsbedingungen der jeweiligen unter dem Programm begebenen Schuldverschreibungen. "Consolidated Adjusted EBITDA" means the "Konsolidiertes Bereinigtes EBITDA" bezeichnet number set out under the heading "EBITDA den unter der Überschrift "EBITDA (bereinigt um (adjusted)" in the Consolidated Financial Statements Sondereinflüsse)" im Konzernabschluss der Garantin of the Guarantor covering the applicable Relevant für den jeweiligen Maßgeblichen Zeitraum Period. angegebenen Zahlenwert. "Consolidated Coverage Ratio" means the ratio of "Konsolidierter Deckungsgrad" bezeichnet das (A) the aggregate amount of Consolidated Adjusted Verhältnis (A) des Gesamtbetrags des Konsolidierten EBITDA in the Relevant Period to (B) the aggregate Bereinigten EBITDA im Maßgeblichen Zeitraum zu amount of Net Cash Interest in the Relevant Period. (B) dem Gesamtbetrag des Zinszahlungssaldo im Maßgeblichen Zeitraum. "Consolidated Financial Indebtedness" means "Konsolidierte Finanzverbindlichkeiten" Financial Indebtedness of the Guarantor and any of bezeichnet die nach IFRS ermittelten

207 its Subsidiaries, on a consolidated basis determined Finanzverbindlichkeiten der Garantin und ihrer in accordance with IFRS. Tochtergesellschaften auf konsolidierter Basis. "Consolidated Financial Statements" means, with "Konzernabschluss" bezeichnet in Bezug auf eine respect to any Person, collectively, the consolidated Person zusammenfassend den nach IFRS erstellten financial statements and notes to those financial Konzernabschluss mit Anhang für diese Person und statements, of that Person and its subsidiaries ihre Tochterunternehmen. prepared in accordance with IFRS. "Consolidated Secured Financial Indebtedness" "Besicherte Konsolidierte means that portion of the Consolidated Financial Finanzverbindlichkeiten" bezeichnet den Teil der Indebtedness of the Group that is secured by a Lien Konsolidierten Finanzverbindlichkeiten der Gruppe, on properties or other assets of the Guarantor or any der mit Sicherungsrechten an Immobilien oder of its Subsidiaries. sonstigen Vermögenswerten der Garantin oder ihrer Tochtergesellschaften besichert ist. "Financial Indebtedness" means (without "Finanzverbindlichkeiten" bezeichnet (unter duplication) any indebtedness (excluding any Ausschluss einer Doppelberücksichtigung) alle indebtedness owed to another member of the Group) Verbindlichkeiten (ausgenommen solche gegenüber for or in respect of: anderen Mitgliedern der Gruppe) für oder in Bezug auf: (i) money borrowed; (i) aufgenommene Gelder; (ii) any amount raised by acceptance under (ii) alle aus Akzepten im Rahmen von any acceptance credit facility or Akzeptkreditfazilitäten oder dematerialised equivalent; dematerialisierten Vergleichbaren aufgenommenen Beträge; (iii) any amount raised pursuant to any note (iii) alle aus Fazilitäten für die Emission purchase facility or the issue of bonds, kurzfristiger Schuldtitel oder aus der notes, commercial papers, debentures, Begebung von Anleihen, loan stock or any similar instrument; Schuldverschreibungen, Commercial Paper oder sonstigen Schuldtiteln oder vergleichbaren Instrumenten aufgenommenen Beträge; (iv) receivables sold or discounted (other than (iv) veräußerte oder diskontierte Forderungen any receivables to the extend they are (mit Ausnahme von Forderungen, die sold on a non-recourse basis); regresslos verkauft werden); (v) any amount raised under any other (v) die Aufnahme von Beträgen im Rahmen transaction (including any forward sale or anderer Transaktionen (einschließlich purchase agreement) having the Terminverkauf oder -kauf), die commercial effect of a borrowing, but wirtschaftlich einer Kreditaufnahme excluding bank guarantee facilities (as gleichkommen, ausgenommen jedoch amended from time to time) made or to Bankgarantie-Fazilitäten (wie jeweils be made available by financial institutions geändert), die der Garantin oder einer to the Guarantor or a Subsidiary under Tochtergesellschaft von Finanzinstituten which the Guarantor or the respective gewährt werden oder gewährt werden Subsidiary may request the issue of a sollen und in deren Rahmen die Garantin bank guarantee or bank guarantees in bzw. die jeweilige Tochtergesellschaft die favour of a person who agrees to purchase Ausstellung einer oder mehrerer a Real Estate Property owned by the Bankgarantien zugunsten einer Person Guarantor or a Subsidiary; verlangen kann, die sich zum Erwerb von Immobilienvermögen von der Garantin

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oder einer Tochtergesellschaft verpflichtet hat; (vi) any counter-indemnity obligation in (vi) einen Aufwendungsersatzanspruch in respect of a guarantee, indemnity, bond, Bezug auf eine Bürgschaft, eine standby or documentary letter of credit or Freistellungsverpflichtung, eine Garantie, any other instrument issued by a bank or ein Standby- oder Dokumentenakkreditiv financial institution; and oder ein anderes von einer Bank oder einem Finanzinstitut ausgestelltes Instrument; und (vii) the amount of any liability in respect of (vii) Verbindlichkeiten aus einer Garantie, any guarantee or indemnity for any of the Bürgschaft oder items referred to in paragraphs (i) to (vi) Freistellungsverpflichtung in Bezug auf above. Verbindlichkeiten der in den vorstehenden Absätzen (i) bis (vi) genannten Art. "Group" means the Guarantor together with its "Gruppe" bezeichnet die Garantin und ihre Subsidiaries. Tochtergesellschaften. "Guarantee" has the meaning assigned to such term "Garantie" hat die diesem Begriff in § 1(1) in § 1(1). zugewiesene Bedeutung. "Guaranteed Obligations" has the meaning "Garantierte Verpflichtungen" hat die diesem assigned to such term in § 1(7). Begriff in § 1(7) zugewiesene Bedeutung. "Guarantor" means Deutsche Annington "Garantin" bezeichnet die Deutsche Annington Immobilien SE, Düsseldorf, Federal Republic of Immobilien SE, Düsseldorf, Bundesrepublik Germany. Deutschland. "Holders" has the meaning assigned to such term in "Gläubiger" hat die diesem Begriff in § 1(1) § 1(1). zugewiesene Bedeutung. "IFRS" means the International Financial Reporting "IFRS" bezeichnet die nach der EU anwendbaren Standards as adopted by the European Union and as International Financial Reporting Standards des published by the International Accounting Standards International Accounting Standards Board in jeweils Board, as in effect from time to time. geltender Fassung. "Incur" means, with respect to any Financial "Eingehen" bezeichnet in Bezug eine Indebtedness or other obligation of any Person, to Finanzverbindlichkeit oder eine sonstige create, assume, guarantee or otherwise become liable Verbindlichkeit einer Person die Begründung, in respect of such Financial Indebtedness or other Übernahme, die Abgabe einer Garantie oder obligation, and "incurrence" and "incurred" have Bürgschaft dafür oder eine anderweitige Übernahme the meanings correlative to the foregoing. der Haftung für diese Finanzverbindlichkeit oder sonstige Verbindlichkeit; das "Eingehen" bzw. "eingegangen" sind entsprechend auszulegen. "Issue Date" means the issue date of the relevant "Begebungstag" bezeichnet den Tag der Begebung Notes. der jeweiligen Schuldverschreibungen. "Issuer" means Deutsche Annington Finance B.V., "Emittentin" bezeichnet die Deutsche Annington Amsterdam, The Netherlands. Finance B.V., Amsterdam, Niederlande. "Lien" means (without duplication) any lien, "Sicherungsrecht" bezeichnet (unter Ausschluss mortgage, trust deed, deed of trust, deed, pledge, einer Doppelberücksichtigung) Sicherungsrechte, security interest, assignment for collateral purposes, Grundpfandrechte, Sicherung-Treuhandverträge deposit arrangement, or other security agreement, (trust-deed oder deed of trust), Sicherungs-

209 excluding any right of setoff but including, without Urkunden (deed), Pfandrechte, limitation, any conditional sale or other title retention Verpfändungsvereinbarungen, agreement, any financing lease having substantially Sicherungsabtretungen, Sicherungsübereignungen, the same economic effect as any of the foregoing, Hinterlegungsvereinbarungen oder sonstige and any other like agreement granting or conveying a Sicherungsabreden, ausgenommen Rechte zur security interest in rem (dingliches Sicherungsrecht), Aufrechnung, jedoch u. a. einschließlich bedingte to a Person that is not a member of the Group, in Kaufverträge oder Vereinbarungen mit each case to secure outstanding Financial Eigentumsvorbehalt, Finanzierungsleasingverträge, Indebtedness, but in each case excluding die wirtschaftlich im Wesentlichen den vorgenannten Vereinbarungen gleichkommen, sowie sonstige Vereinbarungen, die ein dingliches Sicherungsrecht gewähren oder übertragen, und zwar einer Person, die nicht Mitglied der Gruppe ist, jeweils zur Besicherung ausstehender Finanzverbindlichkeiten, jedoch keine (i) any encumbrance registered in (i) in Abteilung 2 eines deutschen department 2 (Abteilung 2) of a German Grundbuchs eingetragene Belastungen; land register (Grundbuch); (ii) any Lien arising in connection with a (ii) Sicherungsrechte, die im Zusammenhang disposal of an asset in the ordinary course mit der Veräußerung eines of business including, without limitation, Vermögenswerts im Rahmen der any Lien created in assets subject to a sale gewöhnlichen Geschäftstätigkeit agreement for the purposes of financing entstehen, u. a. Sicherungsrechte an the purchase price; Vermögenswerten, die Gegenstand eines Kaufvertrags sind, zur Finanzierung des Kaufpreises; (iii) any Lien securing Financial Indebtedness (iii) Sicherungsrechte, die zum Begebungstag outstanding on the Issue Date; ausstehende Finanzverbindlichkeiten besichern; (iv) any Lien in respect of which an (iv) Sicherungsrechte, für die dem unconditional deletion consent maßgeblichen Mitglied der Gruppe eine (Löschungsbewilligung) has been unbedingte Löschungsbewilligung delivered to the relevant member of the übermittelt wurde; Group; (v) any Lien arising by operation of law (or (v) Sicherungsrechte, die kraft Gesetzes (oder by agreement having the same effect) or kraft einer Vereinbarung mit derselben in the ordinary course of business, Wirkung) oder im Rahmen der provided that any Lien arising in the gewöhnlichen Geschäftstätigkeit ordinary course of business over Real entstehen, wobei im Rahmen der Estate Property shall not be excluded; gewöhnlichen Geschäftstätigkeit entstehende Sicherungsrechte an Immobilienvermögen jedoch nicht ausgeschlossen sind; (vi) any cash collateral posted in connection (vi) Barsicherheiten, die im Zusammenhang with cross-currency and interest rate mit Währungs- und hedging transactions; and Zinsabsicherungsgeschäften gestellt werden; und (vii) any Lien on bank accounts under general (vii) Sicherungsrechte an Bankkonten nach

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terms and conditions of any provider of Maßgabe der allgemeinen such bank accounts. Geschäftsbedingungen des Anbieters der Bankkonten. "Material Subsidiary" means any Subsidiary of the "Wesentliche Tochtergesellschaft" bezeichnet eine Guarantor whose total assets are at least equal to 5 Tochtergesellschaft der Garantin, deren per cent. of the total assets of the Group. Bilanzsumme mindestens 5 % der Bilanzsumme der Gruppe ausmacht. "Net Cash Interest" means all interest and other "Zinszahlungssaldo" bezeichnet alle an Personen, financing charges accrued to persons who are not die nicht Mitglied der Gruppe sind, zu zahlenden members of the Group less the amount of any Zinsen und sonstigen Finanzierungskosten abzüglich interest and other financing charges accrued to be des Betrags aller von Personen, die nicht Mitglied received from persons who are not members of the der Gruppe sind, zu erhaltenden Zinsen und Group, in each case, excluding any one-off financing sonstigen Finanzierungskosten, jeweils charges (including without limitation, any one-off ausgenommen einmalige Finanzierungskosten (u. a. fees and/or break costs). einmalige Entgelte und/oder Vorfälligkeitsentschädigungen). "Net Nominal Financial Indebtedness" means the "Nennbetrag der Finanzverbindlichkeiten (netto)" nominal amount of Financial Indebtedness incurred bezeichnet den Nennbetrag der eingegangenen minus the nominal amount of Financial Indebtedness Finanzverbindlichkeiten abzüglich des Nennbetrags repaid. der zurückgezahlten Finanzverbindlichkeiten. "Net Nominal Secured Financial Indebtedness" "Nennbetrag der Besicherten means the nominal amount of Secured Financial Finanzverbindlichkeiten (netto)" bezeichnet den Indebtedness incurred minus the nominal amount of Nennbetrag der eingegangenen Besicherten Secured Financial Indebtedness repaid. Finanzverbindlichkeiten abzüglich des Nennbetrags der zurückgezahlten Besicherten Finanzverbindlichkeiten. "Net Nominal Unsecured Financial Indebtedness" "Nennbetrag der Unbesicherten means the nominal amount of Unsecured Financial Finanzverbindlichkeiten (netto)" bezeichnet den Indebtedness incurred minus the nominal amount of Nennbetrag der eingegangenen Unbesicherten Unsecured Financial Indebtedness repaid. Finanzverbindlichkeiten abzüglich des Nennbetrags der zurückgezahlten Unbesicherten Finanzverbindlichkeiten. "Net Unencumbered Assets" means, on a "Unbelastetes Nettovermögen" bezeichnet den nach consolidated basis determined in accordance with IFRS auf konsolidierter Basis ermittelten Wert des IFRS, the value of any Real Estate Property of the erworbenen Immobilienvermögens der Garantin und Guarantor and its Subsidiaries not subject to any ihrer Tochtergesellschaften, das nicht Gegenstand Lien acquired plus the value of all other assets of the eines Sicherungsrechts ist, zuzüglich des Werts aller Guarantor and its Subsidiaries not subject to any sonstigen erworbenen Vermögenswerte der Garantin Lien acquired minus the value of such assets which und ihrer Tochtergesellschaften, die nicht (i) have been disposed of or (ii) have become subject Gegenstand eines Sicherungsrechts sind, abzüglich to a Lien. des Werts solcher Vermögenswerte, die (i) veräußert wurden oder (ii) Gegenstand eines Sicherungsrechts geworden sind. "Notes" means the notes issued under the "Schuldverschreibungen" bezeichnet die von der Programme by the Issuer from time to time. Emittentin jeweils im Rahmen des Programms begebenen Schuldverschreibungen. "Paying Agent" means, subject to any variation, "Zahlstelle" bezeichnet vorbehaltlich einer termination, appointment or change in accordance Änderung, Abberufung, Bestellung oder eines

211 with § 7 of the Conditions, Deutsche Bank Wechsels nach § 7 der Emissionsbedingungen die Aktiengesellschaft, Frankfurt am Main, Federal Deutsche Bank Aktiengesellschaft, Frankfurt am Republic of Germany. Main, Bundesrepublik Deutschland. "Person" means any individual, corporation, "Person" bezeichnet natürliche Personen, partnership, joint venture, association, joint stock Körperschaften, Personengesellschaften, Joint company, trust, unincorporated organisation, limited Ventures, Vereinigungen, Aktiengesellschaften, liability company or government (or any agency or Trusts, nicht rechtsfähige Vereinigungen, political subdivision thereof) or other entity. Gesellschaften mit beschränkter Haftung, staatliche Stellen (oder Behörden oder Gebietskörperschaften) oder sonstige Rechtsträger. "Real Estate Property" means the real estate "Immobilienvermögen" bezeichnet das property of such Person and its subsidiaries. Immobilienvermögen der betreffenden Person und ihrer Tochterunternehmen. "Relevant Period" means the respective most recent "Maßgeblicher Zeitraum" bezeichnet die letzten four consecutive quarters ending prior to the vier vor dem jeweiligen Tag der Feststellung des respective date of determination of the Consolidated Konsolidierten Deckungsgrads endenden Coverage Ratio. aufeinanderfolgenden Quartale. "Relevant Taxing Jurisdiction" has the meaning "Maßgebliche Steuerjurisdiktion" hat die diesem assigned to such term in § 3. Begriff in § 3 zugewiesene Bedeutung. "Reporting Date" means 31 March, 30 June, 30 "Berichtsstichtag" ist der 31. März, 30. Juni, 30. September and 31 December of each year. September und 31. Dezember eines jeden Jahres. "Secured Financial Indebtedness" means that "Besicherte Finanzverbindlichkeiten" bezeichnet portion of the aggregate principal amount of all den Teil des Gesamtnennbetrags aller ausstehenden outstanding Financial Indebtedness of the Group that Finanzverbindlichkeiten der Gruppe, der mit is secured by a Lien on properties or other assets of Sicherungsrechten an Immobilien oder sonstigen the Group. Vermögenswerten der Gruppe besichert ist. "Securitised Capital Market Indebtedness" means "Verbriefte Kapitalmarktverbindlichkeit" any Capital Market Indebtedness incurred in respect bezeichnet jede Kapitalmarktverbindlichkeit aus oder of or in connection with any securitisation or similar im Zusammenhang mit einer Verbriefung oder financing arrangement relating to assets owned by vergleichbaren Finanzierungsvereinbarung in Bezug the Guarantor or its Subsidiaries and where the auf Vermögenswerte der Garantin oder ihrer recourse of the holders of such Capital Market Tochtergesellschaften, bei der die Rückgriffsrechte Indebtedness against the Guarantor is limited solely der Gläubiger der betreffenden to such assets or any income generated therefrom. Kapitalmarktverbindlichkeit auf die Garantin ausschließlich auf die betreffenden Vermögenswerte oder die daraus erzielten Erträge beschränkt ist. "Subsidiary" means any Person that must be "Tochtergesellschaft" bezeichnet jede Person, die consolidated with the Guarantor for the purposes of bei der Erstellung der Konzernabschlüsse der preparing Consolidated Financial Statements of the Garantin mit ihr konsolidiert werden muss. Guarantor. "Total Assets" means the value of the consolidated "Bilanzsumme" bezeichnet den Wert der total assets of the Guarantor and its Subsidiaries, as konsolidierten Bilanzsumme der Garantin und ihrer such amount appears, or would appear, on a Tochtergesellschaften, der in einer nach IFRS consolidated balance sheet of the Guarantor prepared erstellten konsolidierten Bilanz der Garantin in accordance with IFRS, provided that "Total erscheint oder erscheinen würde, wobei die Assets" shall include the proceeds of the Financial "Bilanzsumme" die Zuflüsse aus den einzugehenden Indebtedness or Secured Financial Indebtedness to be Finanzverbindlichkeiten oder Besicherten

212 incurred. Finanzverbindlichkeiten einschließt. "Unencumbered Assets" means without duplication, "Unbelastetes Vermögen" bezeichnet ohne doppelte (i) the value of any Real Estate Property, on a Berücksichtigung (i) den nach IFRS auf consolidated basis determined in accordance with konsolidierter Basis ermittelten Wert des IFRS, of the Guarantor and its Subsidiaries that is not Immobilienvermögens der Garantin und ihrer subject to any Lien, plus (ii) the value of all other Tochtergesellschaften, das nicht Gegenstand eines assets of the Guarantor and its Subsidiaries that is not Sicherungsrechts ist, zuzüglich (ii) des Werts aller subject to any Lien (where in case of (i) and (ii) the sonstigen Vermögenswerte der Garantin und ihrer value of Real Estate Property, on a consolidated basis Tochtergesellschaften, die nicht Gegenstand eines determined in accordance with IFRS, and other Sicherungsrechts sind (wobei im Fall von (i) und (ii) assets shall be equal to such amounts that appear, or der nach IFRS auf konsolidierter Basis ermittelte would appear, on a consolidated balance sheet of the Wert des Immobilienvermögens und der sonstigen Guarantor prepared in accordance with IFRS). Vermögenswerte dem Betrag entspricht, der in einer nach IFRS erstellten konsolidierten Bilanz der Garantin erscheint oder erscheinen würde). "Unsecured Financial Indebtedness" means that "Unbesicherte Finanzverbindlichkeiten" portion of the aggregate principal amount of all bezeichnet den Teil des Gesamtnennbetrags aller outstanding Financial Indebtedness of the Group that ausstehenden Finanzverbindlichkeiten der Gruppe, is not Secured Financial Indebtedness. bei dem es sich nicht um Besicherte Finanzverbindlichkeiten handelt. § 7 APPLICABLE LAW, PLACE OF § 7 ANWENDBARES RECHT, JURISDICTION, LANGUAGE AND GERICHTSSTAND, SPRACHE UND ENFORCEMENT GERICHTLICHE GELTENDMACHUNG (1) Applicable Law. This Guarantee, as to form and (1) Anwendbares Recht. Form und Inhalt dieser content, and all rights and obligations of the Garantie sowie die Rechte und Pflichten der Holders and the Guarantor, shall be governed Gläubiger und der Garantin bestimmen sich by the laws of the Federal Republic of nach dem Recht der Bundesrepublik Germany, without giving effect to the principles Deutschland, unter Ausschluss des of conflict of laws. internationalen Privatrechts. (2) Submission to Jurisdiction. The place of non- (2) Gerichtsstand. Frankfurt am Main ist nicht exclusive jurisdiction for any action or other ausschließlicher Gerichtsstand für sämtliche im legal proceedings or in connection with this Zusammenhang mit dieser Garantie Guarantee shall be Frankfurt am Main. entstehende Klagen oder sonstige Verfahren. (3) Original Text of Guarantee. The original of this (3) Originaltext der Garantie. Das Original dieser Guarantee shall be delivered to, and kept by, Garantie wird der Deutsche Bank Deutsche Bank Aktiengesellschaft in its Aktiengesellschaft in ihrer Eigenschaft als capacity as Fiscal Agent under the Programme. Fiscal Agent unter dem Programm The Fiscal Agent does not act as agent, ausgehändigt und von dieser verwahrt. Der fiduciary or in any other similar capacity for the Fiscal Agent handelt nicht als Beauftragter, Holders. Treuhänder oder in einer ähnlichen Eigenschaft für die Gläubiger. (4) Holders Third Party Beneficiaries. This (4) Gläubiger als begünstigte Dritte. Diese Guarantee constitutes a contract for the benefit Garantie stellt einen Vertrag zugunsten der of the Holders from time to time as third party Gläubiger als begünstigte Dritte im Sinne des beneficiaries in accordance with § 328(1) of the § 328 Abs. 1 BGB dar, der jedem Gläubiger das German Civil Code (Bürgerliches Gesetzbuch) Recht gibt, die Garantin unmittelbar aus dieser giving rise to the right of each Holder to require Garantie auf Erfüllung in Anspruch zu nehmen performance of this Guarantee directly from the und Ansprüche aus dieser Garantie unmittelbar

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Guarantor and to enforce this Guarantee gegen die Garantin durchzusetzen. directly against the Guarantor. (5) Language. This Guarantee is written in the (5) Sprache. Diese Garantie ist in deutscher German language and provided with an English Sprache abgefasst. Eine Übersetzung in die language translation. The German text shall be englische Sprache ist beigefügt. Der deutsche controlling and binding. The English language Text ist bindend und maßgeblich. Die translation is provided for convenience only. Übersetzung in die englische Sprache ist unverbindlich. (6) Enforcement. Any Holder of Notes may in any (6) Gerichtliche Geltendmachung. Jeder Gläubiger proceedings against the Guarantor, or to which von Schuldverschreibungen ist berechtigt, in such Holder and the Guarantor are parties, jedem Rechtsstreit gegen die Garantin oder in protect and enforce in his own name his rights jedem Rechtsstreit, in dem der Gläubiger und arising under this Guarantee on the basis of a die Garantin Partei sind, seine Rechte aus copy of this Guarantee certified by an dieser Garantie im eigenen Namen auf der authorised person of the Paying Agent without Grundlage einer Kopie dieser Garantie, deren presentation of the original Guarantee. Übereinstimmung mit dem Original von einer dazu von der Zahlstelle ermächtigten Person bestätigt wurde, geltend zu machen, ohne dass eine Vorlage des Originals der Garantie erforderlich wäre. Düsseldorf, March 2015 Düsseldorf, März 2015 Deutsche Annington Immobilien SE Deutsche Annington Immobilien SE By: ______Durch: ______Name: Name: Position: Position: By: ______Durch: ______Name: Name: Position: Position: We accept the terms of the above Guarantee without Wir nehmen die Bedingungen der vorstehenden recourse, warranty or liability and without acting as Garantie ohne Obligo, Gewährleistung oder Haftung agent, fiduciary or in any similar capacity for any und ohne als Beauftragter, Treuhänder oder in einer Holder. ähnlichen Eigenschaft für einen Gläubiger zu handeln, an. Frankfurt am Main, March 2015 Frankfurt am Main, März 2015 Deutsche Bank Aktiengesellschaft Deutsche Bank Aktiengesellschaft

By: ______Durch: ______Name: Name: Position: Position: By: ______Durch: ______Name: Name: Position: Position:

214

In case of Notes listed on the Luxembourg Stock Exchange or publicly offered in the Grand Duchy of Luxembourg, the Final Terms of Notes will be displayed on the website of the Luxembourg Stock Exchange (www.bourse.lu). In the case of Notes listed on any other stock exchange or publicly offered in one or more member states of the European Economic Area other than the Grand Duchy of Luxembourg, the Final Terms will be displayed on the website of Deutsche Annington (www.deutsche-annington.com).

FORM OF FINAL TERMS (MUSTER - ENDGÜLTIGE BEDINGUNGEN)

[Date] [Datum]

Final Terms

Endgültige Bedingungen

Deutsche Annington Finance B.V.

[Title of relevant Series of Notes] [Bezeichnung der betreffenden Serie der Schuldverschreibungen]

issued pursuant to the begeben aufgrund des EUR 8,000,000,000 Debt Issuance Programme of der Deutsche Annington Finance B.V.

dated 12 March 2015 vom 12. März 2015

guaranteed by Deutsche Annington Immobilien SE garantiert durch die Deutsche Annington Immobilien SE

Issue Price: [●] per cent. Ausgabepreis: [●] %

Issue Date: [●]7 Begebungstag: [●]

Series No.: [●] Serie Nr.: [●]

Tranche No.: [●] Tranche Nr.: [●]

7 The "Issue Date" is the date of payment and issue of the Notes. In the case of free delivery, the Issue Date is the delivery date. Der "Tag der Begebung" ist der Tag, an dem die Schuldverschreibungen begeben und bezahlt werden. Bei freier Lieferung ist der Tag der Begebung der Tag der Lieferung.

215 These Final Terms have been prepared for the purpose of Article 5 (4) of the Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003, as amended (the "Prospectus Directive"), and must be read in conjunction with the Base Prospectus dated 12 March 2015 (the "Prospectus") pertaining to the EUR 8,000,000,000 Debt Issuance Programme of Deutsche Annington Finance B.V. (the "Programme") guaranteed by Deutsche Annington Immobilien SE [and the supplement[(s)] thereto dated [•]]. Full information on the Issuer, the Guarantor and the offer of the Notes is only available on the basis of the combination of the Prospectus and these Final Terms. The Prospectus and any supplement thereto are available for viewing in electronic form on the website of Deutsche Annington Immobilien SE (www.deutsche-annington.com) and, if the Notes are listed on the Luxembourg Stock Exchange, in addition on the website of the Luxembourg Stock Exchange (www.bourse.lu), and copies may be obtained from Deutsche Annington Immobilien SE, Münster Straße 248, 40470 Düsseldorf, Federal Republic of Germany. [A summary of the individual issue of the Notes is annexed to these Final Terms.]8

Diese Endgültigen Bedingungen werden für die Zwecke des Artikels 5 Absatz 4 der Richtlinie 2003/71/EC, in der jeweils gültigen Fassung, (die "Prospektrichtlinie") abgefasst und sind in Verbindung mit dem Basisprospekt vom 12. März 2015 (der "Prospekt") über das EUR 8.000.000.000 Debt Issuance Programme der Deutsche Annington Finance B.V. (das "Programme") garantiert durch die Deutsche Annington Immobilien SE [und [dem Nachtrag] [den Nachträgen] dazu vom [•]] zu lesen. Vollständige Information in Bezug auf die Emittentin, die Garantin und das Angebot der Schuldverschreibungen ergibt sich zusammen aus dem Prospekt und diesen Endgültigen Bedingungen. Der Prospekt sowie jeder Nachtrag können in elektronischer Form auf der Internetseite der Deutsche Annington Immobilien SE (www.deutsche-annington.com) und, sofern die Schuldverschreibungen an der Luxemburger Wertpapierbörse notiert werden, auf der Internetseite der Luxemburger Wertpapierbörse (www.bourse.lu) eingesehen werden. Kopien sind erhältlich bei der Deutsche Annington Immobilien SE, Münster Straße 248, 40470 Düsseldorf, Bundesrepublik Deutschland. [Eine Zusammenfassung der einzelnen Emission der Schuldverschreibungen ist diesen Endgültigen Bedingungen angefügt.]

8 Not applicable in the case of an issue of Notes with a minimum denomination of at least EUR 100,000. Nicht anwendbar im Fall einer Emission von Schuldverschreibungen mit einer Mindeststückelung in Höhe von mindestens EUR 100.000.

A19357863 216

Part I: Terms and Conditions Teil I: Emissionsbedingungen

[A. In the case the options applicable to the relevant Tranche of Notes are to be determined by replicating the relevant provisions set forth in the Prospectus as Option I or Option II including certain further options contained therein, respectively, and completing the relevant placeholders, insert:9

A. Falls die für die betreffende Tranche von Schuldverschreibungen geltenden Optionen durch Wiederholung der betreffenden im Prospekt als Option I oder Option II aufgeführten Angaben (einschließlich der jeweils enthaltenen bestimmten weiteren Optionen) bestimmt und die betreffenden Platzhalter vervollständigt werden, einfügen:

The Terms and Conditions applicable to the Notes (the "Conditions") and the [German] [English] language translation thereof, are as set out below.

Die für die Schuldverschreibungen geltenden Emissionsbedingungen (die "Bedingungen") sowie die [deutschsprachige] [englischsprachige] Übersetzung sind wie nachfolgend aufgeführt. [in the case of Notes with fixed interest rates replicate here the relevant provisions of Option I including relevant further options contained therein, and complete relevant placeholders]

[im Fall von Schuldverschreibungen mit fester Verzinsung hier die betreffenden Angaben der Option I (einschließlich der betreffenden weiteren Optionen) wiederholen und betreffende Platzhalter vervollständigen]

[in the case of Notes with floating interest rates replicate here the relevant provisions of Option II including relevant further options contained therein, and complete relevant placeholders]

[im Fall von Schuldverschreibungen mit variabler Verzinsung hier die betreffenden Angaben der Option II (einschließlich der betreffenden weiteren Optionen) wiederholen und betreffende Platzhalter vervollständigen]]

[B. In the case the options applicable to the relevant Tranche of Notes are to be determined by referring to the relevant provisions set forth in the Prospectus as Option I or Option II including certain further options contained therein, respectively, insert:

B. Falls die für die betreffende Tranche von Schuldverschreibungen geltenden Optionen, die durch Verweisung auf die betreffenden im Prospekt als Option I oder Option II aufgeführten Angaben (einschließlich der jeweils enthaltenen bestimmten weiteren Optionen) bestimmt werden, einfügen:

This Part I. of the Final Terms is to be read in conjunction with the set of Terms and Conditions that apply to Notes with [fixed] [floating] interest rates (the "Terms and Conditions") set forth in the Prospectus as [Option I] [Option II]. Capitalized terms shall have the meanings specified in the Terms and Conditions.

Dieser Teil I. der Endgültigen Bedingungen ist in Verbindung mit dem Satz der Emissionsbedingungen, der auf Schuldverschreibungen mit [fester] [variabler] Verzinsung Anwendung findet (die "Emissionsbedingungen"), zu lesen, der als [Option I] [Option II] im Prospekt enthalten ist. Begriffe, die in den Emissionsbedingungen definiert sind, haben dieselbe Bedeutung, wenn sie in diesen Endgültigen Bedingungen verwendet werden.

All references in these Final Terms to numbered Articles and sections are to Articles and sections of the Terms and Conditions.

9 To be determined in consultation with the Issuer. It is anticipated that this type of documenting the Conditions will be required where the Notes are to be publicly offered, in whole or in part, or to be initially distributed, in whole or in part, to non-qualified investors. Delete all references to B. Part I of the Final Terms including numbered paragraphs and subparagraphs of the Terms and Conditions. In Abstimmung mit der Emittentin festzulegen. Es ist vorgesehen, dass diese Form der Dokumentation der Bedingungen erforderlich ist, wenn die Schuldverschreibungen insgesamt oder teilweise anfänglich an nicht qualifizierte Anleger verkauft oder öffentlich angeboten werden. Alle Bezugnahmen auf B. Teil I der Endgültigen Bedingungen einschließlich der Paragraphen und Absätze der Anleihebedingungen entfernen.

217

Bezugnahmen in diesen Endgültigen Bedingungen auf Paragraphen und Absätze beziehen sich auf die Paragraphen und Absätze der Emissionsbedingungen. The blanks in the provisions of the Terms and Conditions, which are applicable to the Notes shall be deemed to be completed by the information contained in the Final Terms as if such information were inserted in the blanks of such provisions. All provisions in the Terms and Conditions corresponding to items in these Final Terms which are indicated as "not applicable" shall be deemed to be deleted from the Terms and Conditions applicable to the Notes (the "Conditions").

Die Platzhalter in den auf die Schuldverschreibungen anwendbaren Bestimmungen der Emissionsbedingungen gelten als durch die in den Endgültigen Bedingungen enthaltenen Angaben ausgefüllt, als ob die Platzhalter in den betreffenden Bestimmungen durch diese Angaben ausgefüllt wären. Sämtliche Bestimmungen der Emissionsbedingungen, die sich auf Variablen dieser Endgültigen Bedingungen beziehen, die als "nicht anwendbar" gekennzeichnet sind, gelten als in den auf die Schuldverschreibungen anwendbaren Emissionsbedingungen (die "Bedingungen") gestrichen.

CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS (§ 1) WÄHRUNG, STÜCKELUNG, FORM, DEFINITIONEN (§ 1) Currency and Denomination Währung und Stückelung Specified Currency [ ] Festgelegte Währung [ ] Aggregate Principal Amount [ ] Gesamtnennbetrag [ ] Aggregate Principal Amount in words [ ] Gesamtnennbetrag in Worten [ ] Specified Denomination10 [ ] Festgelegte Stückelung [ ] Issue Date [ ] Begebungstag [ ] Global Note Global Note  Classical Global Note  New Global Note Certain Definitions Definitionen Clearing System Clearingsystem  Clearstream Banking AG Neue Börsenstraße 1 60487 Frankfurt am Main Germany

10 The minimum denomination of the Notes issued will be EUR 1,000 or an amount in any other currency which is at least equivalent on the issue date. Die Mindeststückelung der Schuldverschreibungen, die begeben werden, ist EUR 1.000 oder ein am Tag der Begebung diesem Betrag mindestens entsprechender Betrag in einer anderen Währung.

218

 Clearstream Banking, société anonyme 42 Avenue JF Kennedy 1855 Luxembourg The Grand Duchy of Luxembourg  Euroclear Bank SA/NV, as Operator of the Euroclear System 1 Boulevard du Roi Albert II 1210 Brussels Kingdom of Belgium

INTEREST (§ 4) ZINSEN (§ 4)  Fixed Rate Notes (Option I) Festverzinsliche Schuldverschreibungen (Option I) Rate of Interest and Interest Payment Dates Zinssatz und Zinszahlungstage Rate of Interest [ ]% per annum Zinssatz [ ]% per annum Interest Commencement Date [ ] Verzinsungsbeginn [ ] Interest Payment Date(s) [ ] Zinszahlungstag(e) [ ] First Interest Payment Date [ ] Erster Zinszahlungstag [ ] Initial Broken Amount per Specified Denomination Anfänglicher Bruchteilzinsbetrag [ ] je Festgelegte Stückelung [ ] Last Interest Payment Date preceding the Maturity Date [ ] Letzter Zinszahlungstag, der dem Fälligkeitstag vorangeht [ ] Final Broken Amount per Specified Denomination [ ] Abschließender Bruchteilzinsbetrag je Festgelegte Stückelung [ ] Number of regular Interest Payment Dates per calendar year11 [ ] Anzahl der regulären Zinszahlungstage im Kalenderjahr [ ] Day Count Fraction Zinstagequotient  Actual/365 or Actual/Actual (ISDA)  Actual/Actual (ICMA)  Actual/365 (Fixed)  Actual/360  30/360 or 360/360 or Bond Basis  30E/360 or Eurobond Basis

11 only relevant where the Specified Currency is Euro and the Day Count Fraction is Actual/Actual (ICMA). nur einschlägig, falls die Festgelegte Währung Euro ist und der Zinstagequotient Actual/Actual (ICMA) anwendbar ist.

219

 Floating Rate Notes (Option II) Variabel verzinsliche Schuldverschreibungen (Option II) Interest Payment Dates Zinszahlungstage Interest Commencement Date [ ] Verzinsungsbeginn [ ] Specified Interest Payment Dates [ ] Festgelegte Zinszahlungstage [ ] Specified Interest Period(s) [ ] [weeks/months] Festgelegte Zinsperiode(n) [ ] [Wochen/Monate] Business Day Convention Geschäftstagskonvention Modified Following Business Day Convention  Modifizierte-Folgender-Geschäftstag-Konvention FRN Convention (specify period(s)) [ ] [months]  FRN Konvention (Zeitraum angeben) [ ] [Monate] Following Business Day Convention  Folgender-Geschäftstag-Konvention Preceding Business Day Convention  Vorangegangener-Geschäftstag-Konvention Relevant Financial Center(s) Business Day Relevante(s) Finanzzentrum(en) Geschäftstag Relevant Financial Center(s) Business Day  Relevante(s) Finanzzentren(um) Geschäftstag Relevant Financial Centers [ ]

Relevante Finanzzentren [ ] Rate of Interest Zinssatz EURIBOR [ ]  EURIBOR [ ]  LIBOR [ ] Interest Determination Date: [first] [second] [relevant financial center(s)] Business Day [prior to commencement] of Interest Period LIBOR [ ] Zins-Festlegungstag: [erster] [zweiter] [relevante(s) Finanzzentrum(en)] Geschäftstag [vor Beginn] der jeweiligen

220

Zinsperiode  Interpolation12 [first][last] Interest Period Interpolation [erste][letzte] Zinsperiode

Margin [Yes/No] Marge [Ja/Nein] Margin [ ]% per annum  Marge [ ]% per annum plus  plus minus  minus Minimum and Maximum Rate of Interest [Yes/No] Mindest- und Höchstzinssatz [Ja/Nein] Minimum Rate of Interest [ ]% per annum  Mindestzinssatz [ ]% per annum Maximum Rate of Interest [ ]% per annum  Höchstzinssatz [ ]% per annum Day Count Fraction Zinstagequotient  Actual/365 or Actual/Actual (ISDA)  Actual/365 (Fixed)  Actual/360  30/360 or 360/360 or Bond Basis  30E/360 or Eurobond Basis

PAYMENTS (§ 5) ZAHLUNGEN (§ 5) Business Day Geschäftstag TARGET [ ]  TARGET [ ] Relevant Financial Centre(s) [ ]  Relevante(s) Finanzzentrum(en) [ ]

REDEMPTION (§ 6) RÜCKZAHLUNG (§ 6) Final Redemption Rückzahlung bei Endfälligkeit

12 Only applicable in the case of a short/long first/last coupon. Nur anwendbar im Falle von einem kurzen/langen ersten/letzten Kupon anwendbar.

221

 Maturity Date [ ] Fälligkeitstag [ ] Early Redemption Vorzeitige Rückzahlung Early Redemption at the Option of the Issuer at Call Redemption [Yes/No] Amount13 [Ja/Nein] Vorzeitige Rückzahlung nach Wahl der Emittentin zum Wahl- Rückzahlungsbetrag Margin [ ]

Marge [ ] General type of benchmark security [ ]

Allgemeine Art des Benchmark-Wertpapiers [ ] Benchmark security [ ]

Benchmark-Wertpapier [ ] Benchmark statistics [ ]

Benchmark statistische Informationen [ ] Date for availability of statistics [ ]

Datum der Verfügbarkeit der Benchmark statistische Informationen [ ] Early Redemption at the Option of a Holder14 [Yes/No] Vorzeitige Rückzahlung nach Wahl eines Gläubigers [Ja/Nein] Put Redemption Date(s) [ ]

Wahlrückzahlungstag(e) (Put) [ ] Put Redemption Amount(s) [ ]

Wahlrückzahlungsbetrag/-beträge (Put) [ ] Early Redemption at the Option of the Issuer for Reasons of Minimal [Yes/No] Outstanding Principal Amount [Ja/Nein] Vorzeitige Rückzahlung nach Wahl der Emittentin bei geringen ausstehenden Gesamtnennbetrag

AGENTS (§ 7) AGENTS (§ 7) Calculation Agent/specified office [Not applicable] [Deutsche Bank Aktiengesellschaft] [name and specified office]

Berechnungsstelle/bezeichnete Geschäftsstelle [Nicht anwendbar] [Deutsche Bank Aktiengesellschaft] [Name und bezeichnete Geschäftsstelle ]

13 Complete for fixed rate Notes Für festverzinzliche Schuldverschreibungen auszufüllen 14 Complete for fixed rate Notes Für festverzinsliche Schuldverschreibungen auszufüllen

222

NOTICES (§ 15) MITTEILUNGEN (§ 15) Listing on Luxembourg Stock Exchange  Listing an der Luxemburger Börse  Listing on exchange other than Luxembourg Stock Exchange/No [stock exchange other than the listing Luxembourg Stock Exchange] [in/under/•] [newspaper or website] Notierung an einer anderen Börse als die Luxemburger Börse/Keine [andere Börse als die Luxemburger Notierung Börse] [in/unter/•] [Zeitung oder Internetseite]]

LANGUAGE (§ 18) 15 SPRACHE (§ 18)  German and English (German binding) Deutsch und Englisch (deutscher Text maßgeblich)  English and German (English binding) Englisch und Deutsch (englischer Text maßgeblich)  German only ausschließlich Deutsch  English only ausschließlich Englisch

15 To be determined in consultation with the Issuer. In the case of Notes in bearer form publicly offered, in whole or in part, in the Federal Republic of Germany, or distributed, in whole or in part, to non-qualified investors in the Federal Republic of Germany, German will be the controlling language. If, in the event of such public offer or distribution to non-qualified investors, however, English is chosen as the controlling language, a German language translation of the Conditions will be available from the principal office of Deutsche Annington Immobilien SE. In Abstimmung mit der Emittentin festzulegen. Falls Inhaberschuldverschreibungen insgesamt oder teilweise öffentlich zum Verkauf in der Bundesrepublik Deutschland angeboten oder an nicht qualifizierte Investoren in der Bundesrepublik Deutschland verkauft werden, wird die deutsche Sprache maßgeblich sein. Falls bei einem solchen öffentlichen Verkaufsangebot oder Verkauf an nicht qualifizierte Investoren die englische Sprache als maßgeblich bestimmt wird, wird eine deutschsprachige Übersetzung der Bedingungen bei der Hauptgeschäftsstelle der Deutsche Annington Immobilien SE erhältlich sein.

223

Part II:Other Information16 Teil II: Andere Angaben

A. Essential information Grundlegende Informationen Interest of natural and legal persons involved in the issue/offer Interessen von Seiten natürlicher und juristischer Personen, die an der Emission/dem Angebot beteiligt sind  So far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer, except that certain Dealers and their affiliates may be customers of, and borrowers from the Issuer and the Guarantor and/or their affiliates. In addition, certain Dealers and their affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform services for the Issuer and the Guarantor and/or their affiliates in the ordinary course of business. Nach Kenntnis der Emittentin bestehen bei den an der Emission beteiligten Personen keine Interessen, die für das Angebot bedeutsam sind, außer, dass bestimmte Platzeure und mit ihnen verbundene Unternehmen Kunden von und Kreditnehmer der Emittentin und der Garantin und mit ihnen verbundenen Unternehmen sein können. Außerdem sind bestimmte Platzeure an Investment Banking Transaktionen und/oder Commercial Banking Transaktionen mit der Emittentin und der Garantin beteiligt, oder könnten sich in Zukunft daran beteiligen, und könnten im gewöhnlichen Geschäftsverkehr Dienstleistungen für die Emittentin und der Garantin und mit ihnen verbundene Unternehmen erbringen.  Other interest (specify) [ ] Andere Interessen (angeben) [ ]

Reasons for the offer17 [specify details] Gründe für das Angebot [Einzelheiten einfügen] Estimated net proceeds18 [ ] Geschätzter Nettobetrag der Erträge [ ] Estimated total expenses of the issue [ ] Geschätzte Gesamtkosten der Emission [ ]

16 There is no obligation to complete Part II of the Final Terms in its entirety in case of Notes with a Specified Denomination of at least EUR 100,000 or its equivalent in any other currency, provided that such Notes will not be listed on any regulated market within the European Economic Area. To be completed in consultation with the Issuer. If proceeds are intended for more than one use will need to split out and present in order of priority. Es besteht keine Verpflichtung, Teil II. der Endgültigen Bedingungen bei Schuldverschreibungen mit einer festgelegten Stückelung von mindestens EUR 100.000 oder dem Gegenwert in einer anderen Währung vollständig auszufüllen, sofern diese Schuldverschreibungen nicht an einem geregelten Markt innerhalb des Europäischen Wirtschaftsraums zum Handel zugelassen werden. In Absprache mit der Emittentin auszufüllen. Sofern die Erträge für verschiedene Verwendungszwecke bestimmt sind, sind diese aufzuschlüsseln und nach der Priorität der Verwendungszwecke darzustellen. 17 See "Use of Proceeds" wording in the Base Prospectus. If reasons for the offer is different from making profit and /or hedging certain risks include those reasons here. Siehe "Verwendung des Erlöses" im Basisprospekt. Sofern die Gründe für das Angebot nicht in der Gewinnerzielung und/oder der Absicherung bestimmter Risiken bestehen, sind die Gründe hier anzugeben. 18 If proceeds are intended for more than one use will need to split out and present in order of priority. Sofern die Erträge für verschiedene Verwendungszwecke bestimmt sind, sind diese aufzuschlüsseln und nach der Priorität der Verwendungszwecke darzustellen.

224

B. Information concerning the securities to be offered /admitted to trading Informationen über die anzubietenden bzw. zum Handel zuzulassenden Wertpapiere Securities Identification Numbers Wertpapierkennnummern [Temporary ]ISIN Code [ ] [Vorläufiger] ISIN Code [Temporary] Common Code [ ] [Vorläufiger] Common Code [Temporary] German Securities Code [ ] [Voläufiger] Wertpapierkennnummer (WKN) Any other [temporay] securities number [ ] Sonstige [vorläufige] Wertpapierkennnummer

Historic Interest Rates19 [not applicable] Zinssätze der Vergangenheit [nicht anwendbar] Details of historic [EURIBOR] [LIBOR] rates can be obtained from Reuters [EURIBOR01] [LIBOR01] Einzelheiten der Entwicklung der [EURIBOR] [LIBOR] Sätze in der Reuters [EURIBOR01] Vergangenheit können abgerufen werden unter [LIBOR01]

Yield20 [not applicable][ ] Rendite [nicht anwendbar][ ] Resolutions, authorizations and approvals by which the Notes will be created. [specify details] Beschlüsse, Ermächtigungen und Genehmigungen, welche die Grundlage für die Schaffung der Schuldverschreibungen bilden. [Einzelheiten einfügen]

C. Terms and Conditions of the offer21 Bedingungen und Konditionen des Angebots C.1 Conditions, offer statistics, expected timetable and action required to apply for the offer Angebotsstatistiken, erwarteter Zeitplan und erforderliche Maßnahmen für die Antragstellung Conditions to which the offer is subject [not applicable] [Specify details] Bedingungen, denen das Angebot unterliegt [nicht anwendbar] [Einzelheiten einfügen]

19 Only applicable for Floating Rate Notes. Not required for Notes with a Specified Denomination of at least EUR 100,000. Nur bei variabel verzinslichen Schuldverschreibungen anwendbar. Nicht anwendbar auf Schuldverschreibungen mit einer Stückelung von mindestens EUR 100.000. 20 Only applicable for Fixed Rate Notes. Nur bei festverzinslichen Schuldverschreibungen anwendbar. 21 Complete with respect to a public offer of Notes with a Specified Denomination of less than EUR 100,000. Bei öffentlichem Angebot von Schuldverschreibungen mit einer festgelegten Stückelung von weniger als EUR 100.000 auszufüllen.

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Total amount of the offer and description of the arrangements and time for [not applicable] [Specify announcing to the public the amount of the offer details] Gesamtsumme des Angebots und Beschreibung der Vereinbarungen und des [nicht anwendbar] Zeitpunkts für die Ankündigung des endgültigen Angebotsbetrags an das [Einzelheiten einfügen] Publikum Time period, including any possible amendments, during which the offer [not applicable] [Specify will be open details] Frist - einschließlich etwaiger Änderungen - während der das Angebot [nicht anwendbar] vorliegt [Einzelheiten einfügen] Description of the application process [not applicable] [Specify details] Beschreibung des Prozesses für die Umsetzung des Angebots [nicht anwendbar] [Einzelheiten einfügen] A description of the possibility to reduce subscriptions and the manner for [not applicable] [Specify refunding excess amount paid by applicants details] Beschreibung der Möglichkeit zur Reduzierung der Zeichnungen und der Art [nicht anwendbar] und Weise der Erstattung des zu viel gezahlten Betrags an die Zeichner [Einzelheiten einfügen] Details of the minimum and/or maximum amount of application, (whether in [not applicable] [Specify number of notes or aggregate amount to invest) details] Einzelheiten zum Mindest- und/oder Höchstbetrag der Zeichnung (entweder [nicht anwendbar] in Form der Anzahl der Schuldverschreibungen oder des aggregierten zu [Einzelheiten einfügen] investierenden Betrags) Method and time limits for paying up the notes and for delivery of the notes [not applicable] [Specify Methode und Fristen für die Bedienung der Schuldverschreibungen und ihre details] Lieferung [nicht anwendbar] [Einzelheiten einfügen] Manner and date in which results of the offer are to be made public [not applicable] [Specify details] Art und Weise und Termin, auf die bzw. an dem die Ergebnisse des Angebots [nicht anwendbar] offen zu legen sind [Einzelheiten einfügen] The procedure for the exercise of any right of pre-emption, the negotiability [not applicable] [Specify of subscription rights and the treatment of subscription rights not exercised. details] Verfahren für die Ausübung eines etwaigen Vorzugsrechts, die Marktfähigkeit der Zeichnungsrechte und die Behandlung der nicht [nicht anwendbar] ausgeübten Zeichnungsrechte [Einzelheiten einfügen]

C.2 Plan of distribution and allotment22 Plan für die Aufteilung der Wertpapiere und deren Zuteilung If the Offer is being made simultaneously in the markets of two or more [not applicable] [Specify countries and if a tranche has been or is being reserved for certain of these, details] indicate such tranche

22 Complete with respect to a public offer of Notes with a Specified Denomination of less than EUR 100,000. Bei öffentlichem Angebot von Schuldverschreibungen mit einer festgelegten Stückelung von weniger als EUR 100.000 auszufüllen.

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Erfolgt das Angebot gleichzeitig auf den Märkten zwei oder mehrerer [nicht anwendbar] Ländern und wurde/ wird eine bestimmte Tranche einigen dieser Märkte [Einzelheiten einfügen] vorbehalten, Angabe dieser Tranche Various categories of potential investors to which the notes are offered [qualified investors pursuant to the Prospectus Directive] [and] [non- qualified investors]

Angabe der verschiedenen Kategorien der potentiellen Investoren, denen die [Qualifizierte Anleger im Schuldverschreibungen angeboten werden Sinne der Prospektrichtlinie] [und] [Nicht-qualifizierte Anleger] Process for notification to applicants of the amount allotted and indication [not applicable] [Specify whether dealing may begin before notification is made details] Verfahren zur Meldung des den Zeichnern zugeteilten Betrags und Angabe, [nicht anwendbar] ob eine Aufnahme des Handels vor dem Meldeverfahren möglich ist [Einzelheiten einfügen]  Public offer in Luxembourg Öffentliches Angebot in Luxemburg Requires a notice before the commencement of the offer to be published on the website "www.bourse.lu" of the Luxembourg Stock Exchange Bedarf einer Mitteilung vor Beginn des Angebots auf der Internetseite "www.bourse.lu" der Luxemburger Börse

C.3 Pricing23 Kursfeststellung Issue Price [ ]% Ausgabepreis [ ]% Expected price at which the notes will be offered [Not applicable] [Specify Kurs, zu dem die Schuldverschreibungen angeboten werden details] [Nicht anwendbar] [Einzelheiten einfügen] Amount of expenses and taxes charged to the subscriber / purchaser [Not applicable] [Specify Kosten/Steuern, die dem Zeichner/Käufer in Rechnung gestellt werden details] [Nicht anwendbar] [Einzelheiten einfügen]

23 Only required for syndicated issues and Notes with a Specified Denomination of less than EUR 100,000. Nur erforderlich bei syndizierten Ziehungen und Schuldverschreibungen mit einer Stückelung von weniger als EUR 100.000.

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C.4 Placing and underwriting24 [Not applicable] Platzierung und Emission [Nicht anwendbar] Name and address of the co-ordinator(s) of the global offer and of single [Specify details] parts of the offer and, to the extent known to the Issuer or the offeror, or the placers in the various countries where the offer takes place. Name und Anschrift des Koordinator/der Koordinatoren des globalen [Einzelheiten einfügen] Angebots oder einzelner Teile des Angebots und - sofern der Emittentin oder dem Bieter bekannt - Angaben zu den Platzeuren in den einzelnen Ländern des Angebots Method of distribution

Vertriebsmethode  Non-syndicated Nicht syndiziert

 Syndicated Syndiziert

Subscription Agreement [Not applicable]

Übernahmevertrag [Nicht anwendbar] Date of Subscription Agreement25 [ ]

Datum des Übernahmevertrages [ ] Material Features of the Subscription Agreement [ ]

Hauptmerkmale des Übernahmevertrages [ ]

Management Details including form of commitment26 [Not applicable] Einzelheiten bezüglich des Bankenkonsortiums einschließlich der Art der [Nicht anwendbar] Übernahme Dealer/Management Group (specify name(s) and address(es))

Platzeur/Bankenkonsortium (Name(n) und Adresse(n) angeben)  Firm commitment

feste Zusage  No firm commitment/best efforts arrangements

Keine feste Zusage/zu den bestmöglichen Bedingungen

Commissions27 [Not applicable] [Nicht

Provisionen anwendbar]

24 Only required for syndicated issues and Notes with a Specified Denomination of less than EUR 100,000. Nur erforderlich bei syndizierten Ziehungen und Schuldverschreibungen mit einer Stückelung von weniger als EUR 100.000. 25 Only required for syndicated issues and Notes with a Specified Denomination of less than EUR 100,000. Nur erforderlich bei syndizierten Ziehungen und Schuldverschreibungen mit einer Stückelung von weniger als EUR 100.000. 26 Not required for Notes with a Specified Denomination of at least EUR 100,000. Nicht erforderlich bei Schuldverschreibungen mit einer Stückelung von mindestens EUR 100.000. 27 Not required for Notes with a Specified Denomination of at least EUR 100,000. Nicht erforderlich bei Schuldverschreibungen mit einer Stückelung von mindestens EUR 100.000.

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Management/Underwriting Commission (specify) [ ]

Management- und Übernahmeprovision (angeben) [ ] Selling Concession (specify) [ ]

Verkaufsprovision (angeben) [ ] Listing Commission (specify) [ ]

Börsenzulassungsprovision (angeben) [ ]

Stabilising Dealer/Manager [Insert details] [None] Kursstabilibisierender Dealer/Manager [Einzelheiten einfügen] [keiner]

D. Admission to Trading and Dealing Arrangements Zulassung zum Handel und Handelsregeln Listing(s) [Yes] [No] Börsenzulassung(en) [Ja] [Nein]  Luxembourg Stock Exchange Luxemburger Börse  [other stock exchange] [ ] [andere Wertpapierbörse] [ ]

Expected Date of admission28 [not applicable][ ]

Erwarteter Termin der Zulassung [nicht anwendbar] [ ] Estimate of the total expenses related to admission to trading [ ]

Geschätzte Gesamtkosten für die Zulassung zum Handel [ ] Regulated markets or equivalent markets on which, to the knowledge of the Issuer, notes of the same class of the notes to be offered or admitted to [ ] trading are already admitted to trading.29 Angabe geregelter oder gleichwertiger Märkte, auf denen nach Kenntnis der [ ] Emittentin Schuldverschreibungen der gleichen Wertpapierkategorie, die zum Handel angeboten oder zugelassen werden sollen, bereits zu Handel zugelassen sind.  Regulated Market "Bourse de Luxembourg" Geregelter Markt "Bourse de Luxembourg"

 [other stock exchange] [andere Wertpapierbörse]

28 To be completed only, if known. Nur auszufüllen, sofern bekannt 29 Only to be completed in case of an increase. In case of a fungible issue, need to indicate that the original notes are already admitted to trading. Not required for Notes with a Specified Denomination of at least EUR 100,000. Nur auszufüllen im Falle einer Aufstockung. Im Falle einer Aufstockung, die mit einer vorangegangenen Emission fungible ist, ist die Angabe erforderlich, dass die ursprünglichen Schuldverschreibungen bereits zum Handel zugelassen sind. Nicht erforderlich bei Schuldverschreibungen mit einer festgelegten Stückelung von mindestens EUR 100.000.

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Name and address of the entities which have commitment to act as [not applicable] intermediaries in secondary trading, providing liquidity through bid and [specify details] offer rates and description of the main terms of their commitment30 Name und Anschrift der Institute, die aufgrund einer festen Zusage als [nicht anwendbar] Intermediäre im Sekundärhandelt tätig sind und Liquidität mittels Geld- und [Einzelheiten einfügen] Briefkursen erwirtschaften, und Beschreibung der Hauptbedingungen der Zusagevereinbarung

E. Additional Information Zusätzliche Informationen

Rating31 [not applicable] [ ]32 Rating [nicht anwendbar] [ ] [[Specify whether the relevant rating agency is established in the European Community and is registered or has applied for registration pursuant to Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended (the "CRA Regulation").] The European Securities and Markets Authority ("ESMA") publishes on its website (www.esma.europa.eu) a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update. [Einzelheiten einfügen, ob die jeweilige Ratingagentur ihren Sitz in der Europäischen Gemeinschaft hat und gemäß Verordnung (EG) Nr. 1060/2009 des Europäischen Parlaments und des Rates vom 16. September 2009 über Ratingagenturen (in der jeweils aktuellen Fassung) (die "Ratingagentur-Verordnung") registriert ist oder die Registrierung beantragt hat.] Die Europäische Wertpapier und Marktaufsichtsbehörde ("ESMA") veröffentlicht auf ihrer Internetseite (www.esma.europa.eu) ein Verzeichnis der nach der Ratingagentur-Verordnung registrierten Ratingagenturen. Dieses Verzeichnis wird innerhalb von fünf Werktagen nach Annahme eines Beschlusses gemäß Artikel 16, 17 oder 20 der Ratingagentur-Verordnung aktualisiert. Die Europäische Kommission veröffentlicht das aktualisierte Verzeichnis im Amtsblatt der Europäischen Union innerhalb von 30 Tagen nach der Aktualisierung.]

30 Not required for Notes with a Specified Denomination of at least EUR 100,000. Nicht erforderlich bei Schuldverschreibungen mit einer Stückelung von mindestens EUR 100.000. 31 Do not complete, if the Notes are not rated on an individual basis. In case of Notes with a Specified Denomination of less than EUR 100,000, need to include a brief explanation of the meaning of the ratings if this has been previously published by the rating provider. Nicht auszufüllen, wenn kein Einzelrating für die Schuldverschreibungen vorliegt. Bei Schuldverschreibungen mit einer Stückelung von weniger als EUR 100.000, kurze Erläuterung der Bedeutung des Ratings, wenn dieses unlängst von der Ratingagentur erstellt wurde. 32 Insert brief explanation of the meaning of the rating. Kurze Beschreibung des Ratings einzufügen.

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F. Information to be provided regarding the consent by the Issuer or [Not applicable] person responsible for drawing up the Prospectus Zur Verfügung zu stellende Informationen über die Zustimmung der [Nicht anwendbar] Emittenten oder der für die Erstellung des Prospekts zuständigen Person Final placement of the Notes in the following jurisdictions [Luxembourg] [,] [and] [Austria] [,] [and] [Germany] [and] [The Netherlands] Endgültige Platzierung der Schuldverschreibungen in den folgenden [Luxemburg] [,] [und] Jurisdiktionen [Österreich] [,] [und] [Deutschland] [und] [die Niederlande] Offer period during which subsequent resale or final placement of the Notes [Not applicable] by Dealers and/or further financial intermediaries can be made [Specify offer period] Angebotsfrist, während derer die spätere Weiterveräußerung oder [Nicht anwendbar] endgültige Platzierung von Wertpapieren durch die Platzeure oder weitere [Einzelheiten zur Finanzintermediäre erfolgen kann Angebotsfrist einfügen]

[Third Party Information Informationen von Dritter Seite

With respect to any information included herein and specified to be sourced from a third party (i) the Issuer confirms that any such information has been accurately reproduced and as far as the Issuer is aware and is able to ascertain from information available to it from such third party, no facts have been omitted the omission of which would render the reproduced information inaccurate or misleading and (ii) the Issuer has not independently verified any such information and accepts no responsibility for the accuracy thereof.

Hinsichtlich der hierin enthaltenen und als solche gekennzeichneten Informationen von Seiten Dritter gilt Folgendes: (i) Die Emittentin bestätigt, dass diese Informationen zutreffend wiedergegeben worden sind und - soweit es der Emittentin bekannt ist und sie aus den von diesen Dritten zur Verfügung gestellten Informationen ableiten konnte - keine Fakten weggelassen wurden, deren Fehlen die reproduzierten Informationen unzutreffend oder irreführend gestalten würden; (ii) die Emittentin hat diese Informationen nicht selbständig überprüft und übernimmt keine Verantwortung für ihre Richtigkeit.]

Deutsche Annington Finance B.V.

(as Issuer) (als Emittentin)

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DESCRIPTION OF RULES REGARDING RESOLUTIONS OF HOLDERS

The German Act on Issues of Debt Securities of 5 August 2009, as amended (Gesetz über Schuldverschreibungen aus Gesamtemissionen; "SchVG") provides that noteholders may with the consent of the issuer (where required) amend the terms and conditions or resolve on other matters concerning the debt securities by way of majority resolutions. If provided for in the terms and conditions, this applies mutatis mutandis for obligations that secure the debt securities. A majority resolution in accordance with the SchVG is binding for all holders of one series of the debt securities. The SchVG applies to debt securities that form an issue of identical debt securities" (Gesamtemission) which are governed by German law. Consequently, the SchVG applies to the Notes. The SchVG can also be applied to amend guarantees.

The following sections provide an overview of the statutory provisions of the SchVG with respect to the Notes.

Overview of the SchVG

Under the SchVG and in accordance with the Terms and Conditions of the Notes, it is possible to extensively change and therefore restructure the Terms and Conditions of the Notes and to adopt further measures concerning the Notes (where required) with the Issuer's consent. Any such amendments or measures are only binding in respect of the Notes and do not apply to any other issue of debt securities of the Issuer.

The Terms and Conditions of the Notes also provide for the appointment of a noteholders' representative for the Holders.

Individual subjects of resolutions

As provided for by the SchVG, the Notes do not provide for an exclusive list of admissible amendments to the Terms and Conditions or other measures on which the Holders may take a resolution. In accordance with Section 5 paragraph 3 sentence 1 numbers 1-10 SchVG, the individual subjects for resolutions may include (but are not limited to):

(a) amendments to the principal claim (due date, amount, currency, rank, debtors, object of performance);

(b) amendments to or removal of ancillary conditions of the Notes;

(d) substitution and release of security;

(e) amendments to legal transactions with joint obligors; and

(f) amendments to ancillary claims (due date, amount, exclusion, currency, rank, debtors, object of performance);

In addition, resolutions not affecting the contents of the Terms and Conditions may be passed on the subjects below:

(a) exchange of the Notes for other debt securities or shares; and

(b) appointment, duties and removal of a noteholders' representative.

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Relevant Majorities of the SchVG

The Terms and Conditions apply the applicable majorities provided for by the SchVG. Hence, any resolutions which materially alter the terms and conditions or adopt other measures, in particular in the cases as listed in Section 5 paragraph 3 sentence 1 numbers 1-9 SchVG, require a majority of at least 75 per cent. of the votes participating in the vote (a "Qualified Majority"). All other resolutions may generally be passed with a simple majority of 50 per cent. of the participating votes.

Procedures for taking Holder Resolutions

(a) General

Resolutions of the Holders with respect to the Notes can be passed in a meeting (Gläubigerversammlung) in accordance with Sections 5 ff. SchVG or by way of a vote without a meeting pursuant to Section 18 and Sections 9 ff. SchVG (Abstimmung ohne Versammlung).

The Issuer or a noteholders' representative may convene and Holders who together hold 5 per cent. of the outstanding nominal amount of the Notes for specified reasons permitted by the SchVG may demand in writing (i) to convene a meeting (Gläubigerversammlung) or (ii) a vote without a meeting, as the case may be.

The Issuer bears the costs of the vote and/or the meeting and, if a court has convened a meeting, also the costs of such proceedings.

All resolutions adopted must be properly published. Resolutions which amend or supplement the Terms and Conditions have to be implemented by supplementing or amending the Global Note.

If a resolution constitutes a breach of the SchVG or the Terms and Conditions, Holders who have filed a complaint within 14 days after publication of the resolution may bring an action to set aside such resolution. Such action must be filed with the competent court within one month following the publication of the resolution.

(b) Resolution by physical meeting

The meeting will be convened by way of a notice given to the Holders not later than 14 calendar days prior to the meeting. Attendance and exercise of voting rights at the meeting may be made subject to prior registration of Holders. The convening notice will provide what proof will be required for attendance and voting at the meeting. Each Holder may be represented in the meeting by proxy.

A resolution in the meeting can only be passed if a quorum of at least 50 per cent. of the outstanding aggregate principal amount of the Notes is represented in the meeting. The chairman shall ascertain each Holder's entitlement to cast a vote based on evidence provided by such Holder and shall prepare a list of the Holders present or represented by proxy in the meeting.

The voting will be conducted by a scrutineer (Abstimmungsleiter). Such scrutineer shall be (i) a notary public appointed by the Issuer, (ii) the noteholders' representative, if the vote was solicited by it, or (iii) a person appointed by the competent court.

The vote without a meeting will be convened by way of a notice given to the Holders to solicit their votes (Aufforderung zur Stimmabgabe) not later than 14 calendar days prior to the commencement of the vote. The solicitation notice shall set out the period within which votes may be cast (at least 72 hours), the agenda and the subject matter of the vote and the details of the conditions to be met for the votes to be valid. During

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the applicable voting period, the Holders may cast their votes to the scrutineer. Each Holder may be represented by proxy.

A resolution by way of the vote without a meeting can only be passed if a quorum of at least 50 per cent. of the outstanding Notes by value participates in the vote during the voting period. The scrutineer shall ascertain each Holder's entitlement to cast a vote based on evidence provided by such Holder and shall prepare a list of the Holders entitled to vote.

(d) Resolution by (second) physical meeting

If the quorum of 50 per cent. of the outstanding aggregate principal amount of the Notes is not met, the scrutineer or the chairman, as the case may be, may convene a (second) physical meeting of the Holders at which no quorum will be required, provided that where a resolution may only be adopted by a Qualified Majority, a quorum requires the presence of at least 25 per cent., of the outstanding Notes. For such (second) physical meeting the provisions set out under (b) apply mutandis mutatis.

Noteholders' Representative (gemeinsamer Vertreter)

A noteholders' representative may be appointed by way of a majority resolution passed by the Holders. If at the same time rights are assigned to the noteholders' representative, thereby enabling it to consent to material amendments to the Terms and Conditions on behalf of the Holders, the appointment requires a Qualified Majority.

The Holders may at any time and without reason terminate the appointment of the noteholders' representative by majority resolution with a simple majority. The noteholders' representative is bound by the Holders' instructions (which are based on the relevant majority resolutions).

Any individual or competent legal entity may be appointed as noteholders' representative, provided that, for the avoidance of conflicts of interest, certain disclosure requirements are to be met.

The duties and rights of the noteholders' representative are determined by the SchVG and any resolutions of the Holders. To the extent that the exercise of the Holders' rights has been transferred to the noteholders' representative, the Holders themselves may not assert these rights, unless the majority resolution of the Holders provides otherwise. The noteholders' representative's liability may be restricted in accordance with the SchVG.

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DESCRIPTION OF THE ISSUER

General information

The Issuer was incorporated on 21 June 2013 under the laws of The Netherlands as a Dutch private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid). Its first fiscal year ended on 31 December 2013. Each following fiscal year will be the calendar year.

The Issuer has its corporate seat in Amsterdam, The Netherlands and is registered in the Trade Register of the Dutch Chamber of Commerce under number 58224416. The address of the Issuer's registered office is Vondelstraat 73, 1054 GK Amsterdam, The Netherlands, telephone number: + 31 20 607 7515. Deutsche Annington Finance B.V. is the Issuer's legal and commercial name.

Corporate Business

Pursuant to Article 3 of the articles of association of the Issuer, the objects of the Issuer are:

• to participate in, finance or hold any other interest in, or to conduct the management of, other legal entities, partnerships or enterprises;

• to borrow, to lend and to raise funds, including the issue of bonds, promissory notes or other securities or evidences of indebtedness, as well as to enter into agreements in connection with the aforementioned;

• to furnish guarantees, provide security, warrant performance or in any other way assume liability, whether jointly and severally or otherwise, for or in respect of obligations of group companies or other parties; and

• to do anything which, in the widest sense of the words, is connected with or may be conducive to the attainment of these objects.

Organizational structure

The Issuer is a wholly-owned subsidiary of Deutsche Annington. The Issuer does not have any subsidiaries of its own. The Issuer is dependent upon the administrative and management services provided by the Guarantor.

Management, Corporate governance

The current members of the Issuer's managing board are as follows:

Lars Schnidrig, employee of Deutsche Annington; and

Richard Ivo Larry van Dijk, director of the Issuer.

The current members of the managing board of the Issuer can be contacted at the address of the registered office of the Issuer. The Issuer has no supervisory board.

Lars Schnidrig is also head of Finance and Treasury. There are no actual or potential conflicts of interest between the duties of the members of the managing board of the Issuer and their respective private interests or other duties.

No specific rules apply to the Issuer under the Dutch corporate governance code, because the Dutch corporate governance code only applies to companies whose share are listed.

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Share capital

The issued capital of Deutsche Annington Finance B.V. amounts to EUR 18,000, divided into 18,000 registered shares of common stock with a par value of EUR 1 each, which are all held by Deutsche Annington. The capital is fully issued and paid-up. The Issuer does not have authorised but unissued capital.

Investments

The Issuer has made no material investments since the date of its incorporation and, as at the date of this Prospectus, its management has made no firm commitments on such material investments in the future.

Business Overview

Pursuant to its corporate purpose, the Issuer acts as financing subsidiary of the Guarantor, the principal activity of the Issuer is the provision of loans to members of the Group financed with funds acquired from the capital market, bank loans and loans from other companies of the Group.

Because of its purely internal purpose, the Issuer does not have any markets in which it competes and, therefore, the Issuer cannot make a statement regarding its competitive position in any markets.

Legal and Arbitration Proceedings

There are currently no, and the Issuer has not been involved in any, governmental, legal or arbitration proceedings during the last twelve months, against or affecting the Issuer, nor is the Issuer aware of any pending or threatened proceedings, which (in either case) may have or have had in the recent past significant effects on the financial position or profitability or results of operations of the Issuer.

Material Agreements

The Issuer issued certain Notes (see under "Material Agreements—Financing Agreements—Notes Issuances"). Other than these notes issuances, the Issuer has not entered in any material agreements in the ordinary course of its business, which could result in any Group company (including the Issuer) being under an obligation or entitlement that is material to the ability of the Issuer or the Guarantor to meet its obligation to security holders in respect of the securities being issued.

Recent Developments

There are no recent events particular to the Issuer which are to a material extent relevant to the evaluation of the solvency of the Issuer since 31 December 2014.

Trend Information and Significant Changes

There has been no material adverse change in the prospects of the Issuer since 31 December 2014.

There has been no significant change in the financial or trading position of the Issuer since 31 December 2014.

Auditors

The auditor of the Issuer's annual financial statements for the 2013 fiscal year is PricewaterhouseCoopers Accountants NV, Fascinatio Boulevard 350, 3065 WB Rotterdam, P.O. Box 8800, 3009 A V Rotterdam, The Netherlands ("PwC"). The annual financial statements according to Dutch GAAP for the 2013 and 2014 fiscal

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years were audited by PwC and each provided with an unqualified auditor's opinion. PwC are independent auditors of which the responsible partner is a member of the NBA (Nederlandse Beroepsorganisatie van Accountants, The Netherlands Institute of Chartered Accountants).

Selected Financial Information for the Issuer

The following selected financial information for the Issuer is based on the annual financial statements of the Issuer as of 31 December 2013 and as of 31 December 2014 (the "Financial Report"), which is incorporated by reference in this Prospectus, and should be read together with it. The Financial Reports were prepared in accordance with Dutch GAAP. The Financial Reports were audited by PwC and issued in each case with an unqualified auditor's report.

Balance sheet data

As of As of 31 December 2014 31 December 2013 (in EUR million) (audited) Fixed assets ...... 4,778,749 2,529,683 Current assets...... 73,997 23,620 Total assets...... 4,852,746 2,553,303 Equity ...... (16,021) (4,974) Long-term liabilities Hybrid bond ...... 993,034 - Bonds ...... 3,795,518 2,507,856 Derivate financial liabilities ...... - 24,657 Total long-term liabilities ...... 4,788,552 2,532,513 Current liabilities ...... 80,215 25,764 Total equity and liabilities ...... 4,852,746 2,553,303

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DESCRIPTION OF THE GUARANTOR AND THE GROUP

The Guarantor's legal name is Deutsche Annington Immobilien SE. The Guarantor is the Group's holding company; the Group primarily operates under the commercial name "Deutsche Annington".

Formation, incorporation, commercial name, fiscal year, registered office, corporate purpose and structure of the Group

The Guarantor was formed as a limited liability company (Gesellschaft mit beschränkter Haftung) under German law by memorandum of association dated 17 June 1998. Its legal name was "Deutsche Annington Immobilien GmbH" with its registered office in Frankfurt/Main, Germany, registered under the docket number HRB 45366 with the commercial register at the local court (Amtsgericht) of Frankfurt/Main, Germany. The Guarantor moved its headquarters to Mainz by decision of its shareholders dated 22 February 2001, and was registered with the commercial register at the local court (Amtsgericht) of Mainz, Germany under the docket number HRB 7562.

On 31 July 2001, the shareholders' meeting decided to relocate the Guarantor's registered office to Düsseldorf, Germany. On 6 September 2001, the Guarantor was registered with the commercial register at the local court (Amtsgericht) of Düsseldorf, Germany under the docket number HRB 41246. On 17 January 2012, the shareholders' meeting approved a resolution to change the Guarantor's legal form to a stock corporation (Aktiengesellschaft) organised under German law and its legal name to "Deutsche Annington Immobilien AG". The change in legal form and name was registered with the commercial register at the local court (Amtsgericht) of Düsseldorf on 1 March 2012 under the docket number HRB 67443. On 11 June 2012, the shareholders' meeting approved a resolution to change the Guarantor's legal form to a European company (Societas Europaea - SE) governed by German and European law and its legal name to "Deutsche Annington Immobilien SE". All these changes were effected in accordance with the applicable provisions of the German Reorganisation and Transformation Act (Umwandlungsgesetz). The change in legal form and name was registered with the commercial register at the local court (Amtsgericht) of Düsseldorf on 21 June 2012 under the docket number HRB 68115. The Guarantor is the Group's holding company; the Group primarily operates under the commercial name "Deutsche Annington". The Guarantor's fiscal year is the calendar year.

The Guarantor's registered office is at Münsterstraße 248, 40470 Düsseldorf, Germany (tel. +49 (0) 234-314-0).

Duration of the Guarantor and corporate purpose

The Guarantor was established for an unlimited period of time.

Pursuant to Section 2 of the Guarantor's articles of association (Satzung) (the "Articles of Association"), the Guarantor's corporate purpose is the conduct of real estate business and any related business of any kind, in particular the acquisition, the administration and the sale of developed and undeveloped properties and rights equivalent to title rights in real estate in Germany and abroad. The Guarantor may also acquire, hold or dispose of shares in German and foreign companies and partnerships that conduct such activities. To this end, Deutsche Annington may, in particular, be active in the fields of acquiring, erecting, conducting, supervising, operating and managing buildings in all legal forms and usage types and assume all tasks arising in the fields of operating residential and commercial buildings, of urban development and infrastructure, in particular acquiring, developing improving, redeveloping, encumbering, selling real estate and granting hereditary building rights (Erbbaurechte). The Guarantor may further be active in the fields of developing and marketing any technical, commercial and other know-how and providing services of any kind in connection with such activities.

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The Guarantor may dispose of any of its shareholdings and may in whole or in part carve out or transfer its business or any of its assets to affiliated entities. The Guarantor is entitled to centralise under its direction/control companies in which it holds an interest and/or restrict its activities to the management of such interest(s).

The Guarantor may also engage in any other business if this is suitable to achieve the corporate purpose of the Guarantor. The Guarantor may restrict its activities to the partial performance of the corporate purpose or may act through companies in which the Guarantor holds an interest. The Guarantor may establish branches in Germany and abroad.

Group structure

The Guarantor is the holding company of the Group. The Guarantor's business is primarily conducted by the relevant operating subsidiaries. The Group's consolidated financial statements include all material subsidiaries where Deutsche Annington is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The group of consolidated companies included 113 subsidiaries as of 31 December 2014.

The following diagram sets forth a current summary (in simplified form) of the Guarantor's significant subsidiaries taking into account the relevant successive interests (durchgerechneter Beteiligungsanteil). The shareholdings presented also include shareholdings of affiliated companies pursuant to Sections 15 et seq. German Stock Corporation Act (Aktiengesetz). The Group's limited partnerships are held through third-party acquisition structures. Due to the applied calculation method, these are not represented in the chart below. The shareholdings presented below are rounded to two decimal points. The area shaded in grey denotes the financing cluster, to which the respective companies belong.

Simplified Group Structure

(Partially) indirect shareholding Deutsche Annington Immobilien SE

100.0% 94.9% Deutsche Annington MIRA Grundstücks- Immobilien- gesellschaft mbH Dienstleistungen GmbH

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History and development

Deutsche Annington can trace its roots to the end of the nineteenth century. Deutsche Annington Immobilien GmbH, however, was officially founded in 1998, but remained dormant until the end of 2000. The Guarantor then acquired between 94.1 per cent. and 94.9 per cent. of the shares in ten regional German Railroad housing companies (Eisenbahnwohnungsgesellschaften), which represented 65,000 housing units of the BEV (Bundeseisenbahnvermögen – "BEV").

Later on, the Guarantor indirectly acquired a majority shareholding in BIG-Heimbau AG, Kronshagen/Kiel, with some 10,000 residential units in 2003. Another 4,500 residential units were acquired from RWE Systems Immobilien GmbH & Co. KG, Essen, at the end of 2004.

In 2005, the Guarantor acquired Viterra AG, the largest German housing company at the time with approximately 138,000 housing units. Viterra AG itself, can trace its residential property portfolio back to the establishment of Urbana in 1895, Veba Immobilien in 1910 and Deutschbau in 1923. This acquisition established the Guarantor, with its at that time approximately 220,000 residential units, as the leading company in the German residential real estate industry in terms of number of units and as a major player on the European level.

During 2006, the Guarantor focused on implementing and optimising the acquired structures, and thus completed its integration of Viterra AG by the end of the year.

The following years were dedicated to enhancing the Guarantor's overall efficiency and maintaining its growth, particularly by way of acquiring a majority shareholding of 94.5 per cent. in Prima Wohnbauten Privatisierungs- Management GmbH, constituting 4,500 residential units in 2009, and by acquiring several small housing portfolios, which resulted in a total of 16,500 newly acquired housing units. Additionally, sales helped concentrate the property portfolio in metropolitan areas. In 2011, the percentage of the Guarantor's housing units located in cities with a population of over 100,000 reached approximately 69 per cent. This concentration of units supported a reliable and stable increase in the Guarantor's profits by further simplifying services and maintenance.

In April 2014, Deutsche Annington completed the acquisition of the real estate business managed by DeWAG, and also entered into a contribution and investment agreement with a view to integrating parts of the real estate business of the Vitus Group, which closed on 1 October 2014. Together, the two transactions involved a combined

240 portfolio of about 41,500 units as of 31 December 2013 for an aggregate acquisition price of approximately EUR 2.4 billion. 9,600 residential units of the residential units acquired in the Vitus Group Takeover were subsequently sold to a subsidiary of LEG Immobilien AG on 9 October 2014. The transaction closed on 23 October 2014.

Eisenbahnwohnungsgesellschaften (EWGs) At the end of the 19th century, the influx of people from rural areas and an increasing birth rate resulted in both the rapid growth of the urban population and the scarcity of residential housing. In response, the German Railroad company eventually founded 18 housing companies and cooperatives (EWGs) that built affordable accommodation for the blue- and white-collar workers and civil servants of the German Railroad. These companies were included in the BEV and their housing capacity amounted to approximately 115,000 housing units. At the end of 2000, the German Parliament approved the privatisation of the EWGs and the federal government sold the companies to various bidders. The ten companies holding the majority of housing units, approximately 65,000 apartments, were purchased by Deutsche Annington Immobilien GmbH. 5.1 per cent. of the shares of the companies remained with the BEV.

Viterra AG Viterra AG, which accounts for the majority of housing units in the Guarantor's portfolio, was the result of a merger between Veba Immobilien AG and Raab Karcher AG in 1998. The Viterra Portfolio comprised about 138,000 owned or managed residential units geographically dispersed throughout Germany, a portfolio of approximately 40 residential and commercial development projects, and a portfolio of approximately 70 commercial and logistics assets.

Its origins, however, lie in the Rheinisch-Westfälische Wohnstätten AG, another housing company founded in 1933 for blue- and white-collar workers. Viterra AG therefore builds upon a historical background similar to that of the EWGs.

Viterra AG was acquired by Deutsche Annington in 2005.

DeWAG The DeWAG portfolio consists of approximately 11,500 residential and commercial units located predominantly in the metropolitan areas of Munich, Frankfurt, Düsseldorf, Cologne and Hamburg. On 26 February 2014, Deutsche Annington entered into a share purchase agreement with the shareholders of DeWAG, pursuant to which Deutsche Annington acquired 94 per cent. of the shares in DeWAG. The total investment for the acquisition of DeWAG amounted around EUR 1.1 billion. The DeWAG acquisition closed on 1 April 2014.

Vitus Group On 28 February 2014, Deutsche Annington and the shareholders of the Vitus Group entered into a contribution and investment agreement that was amended and restated on 17 April 2014 (see "Material Agreements — Agreements Entered into in Connection with Recent Acquisitions — Vitus Group Takeover"). The closing of the Vitus Group Takeover took place on 1 October 2014. After the sale of around 9,600 residential units acquired in the Vitus Group Takeover located in North Rhine Westphalia, the Vitus Portfolio consists of approximately 20,400 residential units located mainly in the cities of Bremen and Kiel.

Description of the Takeover of Gagfah SA

On 1 December 2014, the Guarantor announced its intention to submit a takeover offer for the acquisition of all shares of Gagfah S.A. ("Gagfah" and, together with its consolidated subsidiaries, the "Gagfah Group") by way of a combined cash and exchange offer against shares in the Guarantor issued for the purpose of the offer (the "DA Offer Shares") and a cash payment (the "Takeover Offer"). On 28 January 2015, the German Cartel Office

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(Bundeskartellamt) cleared the closing of the Takeover Offer. At the end of the additional acceptance period pursuant to Section 16 para. 2 sentence 1 of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG), i.e. at the end of 9 February 2015, the Takeover Offer had been accepted by the shareholders of Gagfah S.A. for 230,954,655 shares of Gagfah or 93.8 per cent. of the outstanding shares of Gagfah. Following the capital increases against mixed contribution in kind and cash contribution (see "—Offer Capital Increases—Offer Capital Increase I against mixed contribution in kind and against cash contributions from authorised capital for the purpose of the completion of the Takeover Offer"), the Guarantor received 218,569,096 tendered shares of Gagfah on 6 March 2015. After the closing of the transaction, the new combined portfolio will amount to approximately 350,000 residential units.

On 1 December 2014, the management board of the Guarantor (the "Management Board") and the board of directors of Gagfah concluded a business combination agreement concerning the merger of both companies (the "Business Combination Agreement"). The Business Combination Agreements sets forth, among other things, certain principles for the future cooperation, integration and synergies of the parties. The Business Combination Agreement is described in detail under "Material Agreements—Business Combination Agreement".

Description of the Gagfah Group

Business Gagfah S.A. is a stock corporation with a statute of a securitisation company (Société Anonyme de titrisation) established under the law of the Grand Duchy of Luxembourg. The business of Gagfah S.A. consists of, in particular, the securitisation of rights, particularly in connection with the properties owned by Gagfah S.A.'s German subsidiaries. Gagfah S.A. and its subsidiaries form the Gagfah Group, which is by its own account one of the leading owners and managers of residential real estate in Germany. Gagfah S.A. is the ultimate parent company of the group. The core business of the operating subsidiaries of Gagfah comprises the holdings, management, acquisition and selective sales of residential property in Germany.

Portfolio According to its own assessment, as of 31 December 2014 the real estate portfolio of Gagfah comprised 144,451 residential units. In addition, Gagfah owned approximately 1,500 commercial units as well as approximately 30,000 parking spaces.

The total residential floor space amounted to 8.8 million sqm and the residential portfolio generated, as of 31 December 2014, an average net cold rent of EUR 5.35 per sqm. As of that reference date, the vacancy rate for residential units amounted to 3.4 per cent..

The residential portfolio of Gagfah consists of a so called "Core Portfolio" and a part named "Regional Non-Core Portfolio". The "Core Portfolio" primarily includes the "Top 30 Cities", a group of the largest and larger cities in Germany including their catchment areas as determined by Gagfah. As of 31 December 2014, approximately 90 per cent. of the residential units of the total residential portfolio were included in the "Core Portfolio", which at that date accounted for over approximately 93 per cent. of the value of the total residential portfolio. The remaining approximate 7 per cent. of the total portfolio value represents the "Regional Non-Core Portfolio". The external real estate property appraiser CBRE conducts a periodic valuation of Gagfah's portfolio for Gagfah based on a DCF model.

Share Capital As of 5 March 2015, Gagfah S.A.'s share capital amounted to EUR 307,707,722.50 and was divided into 246,166,178 registered shares of the company in a nominal amount of EUR 1.25 each. According to Gagfah's annual report for the fiscal year ended 31 December 2014, at the end of February 2015, Gagfah S.A. thereof held 199,017 shares as treasury shares.

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History Gagfah was established in 1918 as a non-profit housing company under the name "Gemeinnützige Aktiengesellschaft für Angestellten-Heimstätten". As a result of the German Act on the Transfer of Non-Profit Housing in the General Housing Market (Gesetz zur Überführung der Wohnungsgemeinnützigkeit in den allgemeinen Wohnungsmarkt) it was converted to a trading company in 1990. In 2004, the former German Federal Insurance Agency for Employees (Bundesversicherungsanstalt für Angestellte) sold its stake in Gagfah to an investment company and management company of private equity funds. Gagfah's residential portfolio doubled as result of the acquisition of residential real estate portfolios of NordLB in 2005 and of the City of Dresden in 2006 as well acquisitions of small portfolios. In the autumn of 2006, Gagfah went public on the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) following the conversion into a joint stock corporation under the laws of the Grand Duchy of Luxembourg.

Offer Capital Increase

Offer Capital Increase I against mixed contribution in kind and against cash contributions from authorised capital for the purpose of the completion of the Takeover Offer

The DA Offer Shares necessary for the completion of the Takeover Offer have been created by way of a capital increase in the amount of EUR 78,060,390 from the authorised capital pursuant to Section 5 of the articles of association of the Gurantor (the "Authorised Capital") and from the authorised capital pursuant to Section 5a of the articles of association of the Guarantor (the "Authorised Capital 2014") together with Article 5 SE-Regulation in conjunction with Sections 202 et seq. German Stock Corporation Act (Aktiengesetz) against mixed contribution in kind (gemischte Sacheinlage) (the "Offer Capital Increase Ia") and by way of a further amount of EUR 4,423,413 from the Authorised Capital 2014 against cash contribution (the "Offer Capital Increase Ib", together with Offer Capital Increase Ia, the "Offer Capital Increase I"). The execution of the Offer Capital Increase I was registered with the commercial register of the local court (Amtsgericht) of Dusseldorf and the 78,060,390 DA Offer Shares were issued on 6 March 2015.

Offer Capital Increase II against mixed contribution in kind from authorised capital in connection with a statutory right to purchase Following the expiry of the additional acceptance period under Section 16 para. 2 of the WpÜG, Gagfah Shareholders have the right to exercise their Sell-out Right pursuant to Section 16 para. 1 of the Luxembourg Takeover Act, because Gagfah Shares carrying more than 90% of the voting rights in Gagfah S.A. were tendered under the Takeover Offer. To the extent Gagfah Shareholders exercising their Sell-out Right opt for mixed consideration of cash and Deutsche Annington shares, the Guarantor will be required to issue further DA Offer Shares against mixed contribution in kind.

To this end, the Management Board resolved on 1 December 2014, among other things, to execute an additional capital increase against mixed contribution in kind (gemischte Sacheinlage) and without subscription rights from the Authorised Capital initially in a maximum amount of up to EUR 84,316,970.00 through the issuance of up to 84,316,970 ordinary registered no-par value shares (Stückaktien) with a notional value of EUR 1.00 (the "Offer Capital Increase II"). The Management Board further resolved that the Offer Capital Increase II may only be carried out insofar as the number of shares issued in connection with Offer Capital Increase Ia falls below 83,331,111 new ordinary shares (with regard to the Authorised Capital) and 985,859 new shares (from the Authorised Capital 2014). After the execution of the Offer Capital Increase Ia the Offer Capital Increase II will therefore amount to up to 6,256,580 DA Offer Shares which will be issued against mixed contribution in kind (gemischte Sacheinlage). For the remaining amount of EUR 829.00 stemming from the Authorised Capital 2014, a further capital increase (against cash contribution) will not be carried out as it is no longer required. The DA Offer Shares from the Offer Capital Increase II will be issued with dividend rights for the fiscal year 2015.

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The Guarantor currently expects that the issuance of the Offer Capital Increase II, subject to the adoption of the relevant decisions by the Management Board and the Supervisory Board, will take place in May 2015 after the expiry of the Sell-out Right which under Luxembourg takeover law may be exercised within a period of three months following the end of the extended acceptance period for the Takeover Offer, i.e. until 10 May 2015.

Business

Overview Based on Deutsche Annington's internal market analysis, Deutsche Annington considers itself Germany's largest private-sector residential real estate company in terms of fair value of its portfolio and number of units owned. By the same measure, Deutsche Annington is also one of the top ten listed European real estate companies and the largest listed German residential real estate company. As of 31 December 2014, the Group's real estate portfolio comprised 203,028 residential units, 49,508 garages and parking spaces as well as 1,471 commercial units and was valued at EUR 12.8 billion (fair value). In April 2014, Deutsche Annington completed the acquisition of the real estate business managed by DeWAG and on 1 October 2014 closed the Vitus Group Takeover. Following the sale of parts of the portfolio acquired in the Vitus Group Takeover on 9 October 2014, the two transactions relate to an aggregate portfolio of about 31,700 units as of 31 December 2013 for an aggregate acquisition price of approximately EUR 2.0 billion. For information on the DeWAG portfolio and the Vitus Portfolio, see "Acquisitions of DeWAG and the Vitus Portfolio". On 29 August 2014, Deutsche Annington entered into a sale and purchase agreement with various entities of CitCor for the acquisition of around 5,000 residential units and around 210 commercial units in Berlin and eastern Germany. In December 2014, this agreement was partly rescinded and Deutsche Annington and various entities of CitCor agreed on the purchase of 94.9 per cent. of certain portfolio holding companies of CitCor (i.e. companies holding some of the properties described above) by the Guarantor. Prior to closing of the transactions, one commercial unit is expected to be transformed into approximately 100 residential units, which would result in approximately 5,100 residential units and around 210 commercial units being acquired. Closing of both transactions with a combined purchase price of approximately EUR 320 million is expected to occur in April 2015 (see "Material Agreements – Agreements Entered into in Connection with Recent Acquisitions – Franconia Transactions").

All of the Group's properties and business operations are located in Germany and benefit from the positive growth of the German economy in general and the growth of the real estate market, which have both been more resilient to adverse economic conditions than most other economies and industries. As of 31 December 2014, approximately 72 per cent. of the Group's portfolio (measured in residential units) was situated in German cities with more than 100,000 inhabitants and approximately 96 per cent. of such portfolio was located in the old German federal states (Alte Bundesländer) including Berlin. This overall geographic distribution of the Group's portfolio has remained substantially unchanged as a result of the acquisitions of DeWAG and the Vitus Portfolio. Investments in real estate located in large cities, metropolitan areas and the more densely populated regions of Germany have shown a higher resilience to adverse economic conditions than similar investments in rural regions (Source: CBRE, Special Report, Residential Market Germany, 2010/2011) and properties located in the old German federal states (Alte Bundesländer) have a better track record and economic and demographic forecast than the German average (Source: BMVBS Report on Residential and Construction Market 2011/2012). Due to the size of its geographically diversified real estate portfolio and operations, however, Deutsche Annington expects that changes in single local markets will not have a material effect on the Group's performance.

Deutsche Annington also benefits from the demographic trend towards one- and two-person households which is expected to be particularly strong in Germany's metropolitan areas (Source: BBSR - Regional Planning 2030) and an aging population. Given the national average size for rental residential units of 69.4 sqm and an average owner occupied unit size of 121.9 sqm in 2013, Deutsche Annington believes is well-positioned to meet the increasing demand for units tailored to smaller households with its average unit size of 63 sqm and two to three rooms per

244 residential unit (Source: Federal Statistical Office, Housing). In addition, the German residential real estate market is characterised by low tenant mobility and the long-term nature of contractual relationships making residential rental business more stable. As of 31 December 2014, Deutsche Annington's vacancy rate was approximately 3.4 per cent., and residential in-place rent amounted to EUR 5.58 per sqm per month, including DeWAG and the Vitus Portfolio.

In managing its portfolio, Deutsche Annington follows a disciplined approach and has a track record in value creation. Deutsche Annington classifies its properties into five portfolios: (i) "Operate", (ii) "Upgrade Buildings" (energy efficiency measures carried out by the Group to increase the economic value of properties), (iii) "Optimise Apartments" (senior living/other major residential unit refurbishment), (iv) "Privatise", and (v) "Non-Core", for each of which Deutsche Annington follows a dedicated strategy. As of 31 December 2014, 97 per cent. of the portfolio in terms of fair value comprised core assets where Deutsche Annington believes that it can add value. Only 3 per cent. of the portfolio was considered as "Non-Core" with insufficient medium- to long-term growth prospects. Deutsche Annington aims to sell these "Non-Core" assets in the medium-term at prices around fair value. With respect to its core assets, Deutsche Annington intends to add value through three main levers:

• Operational value generation, such as rental growth, vacancy reduction, effective and sustainable maintenance spend and cost efficiencies through scaling;

• Additional value generation through privatisation of condominium units and single-family houses at a premium. As of 31 December 2014, these units amounted to 12 per cent. of the total portfolio in terms of fair value. In the past three years, Deutsche Annington has sold about 2,500 apartments per year at average prices of more than 20 per cent. above fair value.

The cash generated from the sale of privatisation and "Non-Core" assets may be redeployed to fund investments in the residential units designated for building or apartment upgrades, to reduce debt, to fund dividend payments, or to finance acquisitions.

Using a well-balanced mix of local and centralised operational structures, Deutsche Annington manages its assets in an efficient, integrated and industrialised manner. While the processes that capture economies of scale are performed on a centralised basis, processes that require in-depth knowledge of an individual local market or that require close interaction with the Group's customers are performed through the Group's 33 local business units organised in four regional clusters, which are situated in proximity of its assets and customers throughout Germany.

The Group capitalises on its size in order to complement its property rental activities with selected value-add services to improve customer satisfaction. In cooperation with one of Germany's biggest craftsmen companies, B&O Service & Messtechnik AG, as joint venture partner, Deutsche Annington has established a craftsmen organisation comprised of approximately 1,760 people as of 31 December 2014 who are solely dedicated to the performance of maintenance work related to Deutsche Annington's portfolio, in addition to a caretaker organisation that performs services on site and employs approximately 425 people. The Group's rental-related services range

245 from ancillary cost savings from bulk purchases of utilities, to providing fibre-optic television and internet access, to the negotiation of discounts on purchases from selected service providers.

Deutsche Annington is able to purchase relatively large attractive properties and real estate portfolios that are beyond the reach of smaller competitors, and it is positioned to successfully integrate such newly acquired units economically into its existing portfolio. In addition, Deutsche Annington has access to capital markets financing not available to smaller companies.

Acquisitions of DeWAG and the Vitus Portfolio Deutsche Annington further increased its portfolio through the acquisition of around 11,500 residential units managed by DeWAG in the second quarter of 2014 and the integration of 20,500 residential units of the Vitus Portfolio.

Acquisition of the Real Estate Business Managed by DeWAG On 28 February 2014, Deutsche Annington entered into a share purchase agreement through a subsidiary to acquire approximately 94 per cent. of the real estate business managed by DeWAG. This real estate business operates throughout Germany with housing stocks of about 11,500 residential units. The majority of these properties are located in the metropolitan areas of Munich, Frankfurt, Düsseldorf, Cologne and Hamburg. The portfolio almost exclusively comprises residential properties that have been further developed through professional property management as well as value-focused refurbishment and modernisation measures. The acquisition of the relevant property-holding companies and selected holding companies was completed on 1 April 2014 for a total investment of around EUR 1.1 billion. For a detailed description of the agreements related to this acquisition, see " — Material Agreements — Agreements Entered into in Connection with Recent Acquisitions-Acquisition of DeWAG".

Integration of the Real Estate Business of the Vitus Portfolio On 28 February 2014, Deutsche Annington entered into a contribution and investment agreement with shareholders of the Vitus Group with a view to integrating certain of the Vitus Group's real estate business, including the relevant property holding companies of the Vitus Group. With over 30,000 residential units located in the Rhine- Ruhr conurbation and in the cities of Bremen and Kiel, the acquired entities formed one of the leading housing companies in northern and western Germany. On 17 April 2014, Deutsche Annington entered into a share purchase agreement for the transfer of the portfolio of the acquired entities, which closed on 1 October 2014. The consideration for this portfolio amounted to about EUR 1.4 billion and included an assumption of certain liabilities and the repayment of third-party debt. For a detailed description of the agreements related to this transaction, see "— Material Agreements — Agreements Entered into in Connection with Recent Acquisitions-Vitus Group Takeover". Shortly after the closing of the Vitus Group Takeover, on 9 October 2014, Deutsche Annington entered into a share purchase agreement regarding the sale to a subsidiary of LEG Immobilien AG of around 9,600 residential units from the newly-acquired portfolio of the Vitus Group located in North Rhine Westphalia. This was closed on 23 October 2014. The total volume of this divestment, including transaction costs, amounted to EUR 484 million. The transaction costs include refinancing costs which were assumed proportionally. With the net proceeds from the transaction in the amount of approximately EUR 475 million, Deutsche Annington repaid the 2014 Term Loan early. For a detailed description of the share purchase agreement, see "— Material Agreements — Agreements Entered into in Connection with Recent Acquisitions— Sale of the Leopard Portfolio".

Impact on the Group's Current Portfolio As of 31 December 2014, Deutsche Annington owned 203,028 residential units, 49,508 garages and parking spaces as well as 1,471 commercial units, and was valued at EUR 12.8 billion (fair value). These figures include the DeWAG portfolio acquired in April 2014 as well as the Vitus Portfolio after the sale closed on 23 October 2014.

Through the acquisitions of DeWAG and the Vitus Portfolio Deutsche Annington considers it has added two highly attractive portfolios, which are both accretive to Deutsche Annington's strategy and allow for a significant increase

246 in asset density and regional diversification. In particular, the acquisition of the DeWAG managed real estate has strengthened Deutsche Annington's position in Berlin and Frankfurt as well as the Munich area, while the integration of the Vitus Portfolio extends Deutsche Annington's presence to Bremen and Kiel. Deutsche Annington also believes that under its management and ownership there is significant synergy potential with respect to the DeWAG portfolio and the Vitus Portfolio, relating in particular to property related improvements (catch-up on market rents, increase rental growth, vacancy reduction), administrative efficiency improvements (in terms of headcount and administrative cost) and financing improvements (lower refinancing costs due to Deutsche Annington's ability to refinance the current loans).

The following table sets forth key figures with respect to the Vitus Portfolio and the portfolio of Deutsche Annington as well as for the two portfolios combined as of 31 December 2014:

Vitus Deutsche Annington Combined As of 31 December 2014 (unaudited(*)) Key figures Number of residential units ...... 20,399 182,629 203,028 Vacancy rate (in per cent. of units)...... 4.0% 3.3% 3.4% Residential in-place rent (per month in 5.06 5.63 5.58 EUR per sqm)(1)......

Notes: (*) With respect to the columns labelled Vitus and Deutsche Annington, the numbers are taken or derived from the Guarantor's accounting records or internal management reporting systems, respectively. (1) Monthly in-place rent (in EUR per sqm) is defined as the current gross rental income per month for rented residential units as agreed in the corresponding rent agreements as of a certain date before deducting non-transferable operating costs, divided by the residential floor area of rented residential units as of the same dates. Monthly in-place rent is often also referred to as "net cold rent".

The following table shows a breakdown by year of construction for the Vitus Portfolio and the portfolio of Deutsche Annington as well as for the two portfolios combined as of 31 December 2014:

Vitus Deutsche Annington Combined Number of per cent. of per cent. of Number of units total Number of units total units % of total As of 31 December 2014 (unaudited(*))

Before 1949 ...... 3,278 16.1 27,669 15.2 30,947 15.2 1949 - 1960 ...... 4,939 24.2 69,885 38.3 74,824 36.9 1961 - 1975 ...... 7,129 34.9 62,395 34.2 69,524 34.2 After 1975 ...... 5,053 24.8 22,680 12.4 27,733 13.7 Total ...... 20,399 100.0 182,629 100.0 203,028 100.0

Note: (*) With respect to the columns labelled Vitus and Deutsche Annington, the numbers are taken or derived from the Guarantor's accounting records or internal management reporting systems, respectively.

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Deutsche Annington's current portfolio Deutsche Annington's business focuses on its housing activities, and particularly on the management of its residential portfolio, which represents 96 per cent. of the Group's assets measured at fair value. Overview As of 31 December 2014, the Group held a real estate portfolio comprised of 203,028 residential units, 49,508 garages and parking spaces as well as 1,471 commercial units, and it managed 40,762 residential and commercial units for other owners. The Group's portfolio is dispersed throughout Germany and its locations are spread across nearly 550 cities and communities.

The majority of the Group's portfolio consists of multi-family properties. Approximately 85 per cent. of these properties have eight or fewer residential units per property. Both prospective tenants and purchasers typically view residential units in smaller properties as more attractive than those in larger properties (e.g. with 20 or more residential units per property).

As of 31 December 2014, the aggregate living area of the Group's portfolio amounted to 12,888,052 sqm, with an average unit size of 63 sqm. An average unit consists of two or three rooms plus kitchen and bathroom. As of 31 December 2014, Deutsche Annington had leased more than 96 per cent. of its residential units and generated an average residential in-place rent of EUR 5,58 per sqm per month. The vacancy rate as of 31 December 2014 was 3.4 per cent.

Strategic portfolios Deutsche Annington has divided its portfolio into five strategic portfolios: (i) "Operate", (ii) "Upgrade Buildings", (iii) "Optimise Apartments", (iv) "Privatise", and (v) "Non-Core".

Each of the five strategic portfolios is subject to a set of specific strategic actions. Deutsche Annington allocates assets to these strategic portfolios based on the local knowledge of and individual economic assessments by Deutsche Annington's business unit managers and reviews this classification on an annual basis. The following main criteria are typically used to allocate units to one of the various strategic portfolios: (i) economic outlook for the properties on a micro level, (ii) long-term demographic and rental developments, (iii) efficiency of operations and (iv) potential for value-enhancing measures.

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The following chart provides an overview of the Group's strategic portfolios:

"Operate". As of 31 December 2014, 86,325 of the Group's residential units with a residential in-place rent of EUR 5.56 per sqm and a vacancy rate of 2.9 per cent. were allocated to the "Operate" portfolio. These are assets where, in Deutsche Annington's view, no significant portfolio actions, such as large investments or disposals, are required in the medium-term. The strategic focus in this portfolio is on continuous improvement, for example balancing rent increase, vacancy reduction, well-prioritised maintenance spending as well as customer satisfaction increase. The portfolio also includes apartments that have been part of the Group's investment programme in the past. The investment programme consists of two major parts: (i) one part, "Upgrade Buildings", that focuses on upgrading buildings in terms of energy efficiency and (ii) another part, "Optimise Apartments", that aims to optimise units with respect to their interior configuration upon fluctuation. Both investment programmes are eligible for subsidised loans from KfW Bank. All of the Guarantor's investments are geographically concentrated in Germany.

"Upgrade Buildings". As of 31 December 2014, 51,901 of the Group's residential units with a residential in-place rent of EUR 5.55 per sqm and a vacancy rate of 2.7 per cent. were classified as "Upgrade Buildings". In this portfolio, Deutsche Annington includes the properties which have been earmarked for projects to improve energy efficiency, depending on the availability of sufficient capital.

Deutsche Annington believes that the investments in the earmarked buildings may require capital expenditures of at least EUR 500 million. The investments in buildings, if pursued, are expected to be funded largely by public KfW loans; in addition thereto, Deutsche Annington plans to use cash generated by the Group's business. When deciding upon an investment in buildings, the Group targets an average return of 7 per cent. on the invested capital.

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In addition, the Group expects the values of the properties to clearly benefit from the investments made. Typical measures are aimed at reducing energy consumption through better insulation and more efficient heating systems. Such investments usually also result in lower pass-through utility and ancillary charges (Nebenkostenabrechnungen) for the Group's customers.

"Optimise Apartments". As of 31 December 2014, 34,320 of Deutsche Annington's residential units with a residential in-place rent of EUR 6.03 per sqm and a vacancy rate of 2.7 per cent. were classified as "Optimise Apartments". In this portfolio, Deutsche Annington has included all apartments which have been earmarked for major apartment upgrades upon fluctuation. On the one hand, this includes refurbishments of units to facilitate low- barrier access for senior living in return for an increased new letting rent; on the other hand, it comprises value- enhancing refurbishments of apartments in markets that allow for additional rent increases. All these residential units are suitable for refurbishment from both a technical and an economic standpoint.

In order to implement Deutsche Annington's strategy to optimise the assets allocated to the "Optimise Apartments" portfolio, an investment of more than EUR 300 million is required. For these investments, Deutsche Annington targets an average return of 7 per cent. on the invested capital. In 2012, Deutsche Annington ran pilot projects that generated such returns. Over 2,900 apartment modernisations were completed in 2014. For 2015, Deutsche Annington plans to optimise more than 3,000 residential units. The investments are expected to be funded largely by KfW Bank-loans; in addition, Deutsche Annington plans to use cash generated by its business.

The first three strategic portfolios combined represent the "Rental Only" sub-portfolio and units may be allocated to different strategic portfolios within this sub-portfolio depending on the status of modernisation measures. Modernisation measures are mainly investments that trigger the statutory right to increase rents with respect to the modernised unit or building under the applicable legal framework. The Group's management believes that with an average investment return of approximately 7 per cent. from rent increases and vacancy reduction since 2009, it has an excellent investment track record.

The following table provides an overview of the Group's investment programme in terms of amounts invested and units covered and its economic success measured in terms of yield:

The Group's Investment Programme Investment volume Yield(3) (per Programme year(1) (EUR million)(2) Units (No.) cent.) (unaudited(*)) Ø 2010-2012 ...... 46 2.529 6.7 2013 ...... 65 5.314 7.2

2014 (forecast)(4) ...... 163 11,933 7.5

Notes: (*) Taken or derived from the Guarantor's accounting records or internal management reporting systems, respectively. (1) "Programme year" is defined as the calendar year in which construction work on the respective measure started. (2) "Total investment volume" includes all costs of the measures performed excluding internal personnel costs incurred (e.g. for programme coordination or for the site managers employed in the Group). (3) "Yield" is the static net initial yield and is calculated for the "Upgrade Buildings" portfolio from the change in the property management income (i.e. changes in the rent and vacancy rate) in relation to the external planning and construction costs of the measure. The time of measurement is December of the calendar year following the programme year; in the "Optimise Apartments" portfolio, the difference between the last rent before the refurbishment and the re-letting rent achieved after refurbishment is completed is compared with construction costs of the project. The time of measurement is, in this case, the middle of the calendar year following the programme year. (4) The 2014 figures are forecast numbers and therefore not finally determined. Deutsche Annington expects the 2014 figures to be final by the end of 2015. In addition, Deutsche Annington invested nearly EUR 9 million in small measures outside the investment programme that qualify as modernisation measures under applicable accounting standards.

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Investments Deutsche Annington applies strict criteria when selecting investment opportunities and concentrates primarily on those opportunities that promise a disproportionate increase in property value. This is generally achieved by balancing the following three factors:

• Tenant perspective: Affordability and fit-for-purpose measures;

• Technical perspective: Mix of necessary and value-creating measures; and

• Economic perspective: Adequate returns.

The entire investment process, from project selection through post completion audit, is supervised by a central portfolio controlling unit. All departments involved in the process contribute their expert knowledge in order to ensure the projects' successful completion, e.g., the modernisation function takes care of cost calculation and supervision of works.

For 2015, the Guarantor plans to invest approximately EUR 189 million in buildings and apartments. In particular, Deutsche Annington plans to improve the energy efficiency of buildings with more than 7,500 units through heating system or façade insulation measures or a combination of both and to convert more than 3,000 units under the "Optimise Apartments" regime. The Group plans to fund the investment largely through subsidised loans from KfW and the remainder through cash generated by Deutsche Annington's business operations. As of 31 December 2014, construction work for almost all units identified for modernisation in 2014 has been initiated or completed.

"Privatise". As of 31 December 2014, 21,530 of the Group's residential units with a residential in-place rent of EUR 5.46 per sqm and a vacancy rate of 4.6 per cent. were classified as "Privatise". "Privatise" stock comprises condominium units and single-family homes that have already previously been prepared for sale to homeowners and small capital investors. Deutsche Annington aims to sell these units over the long-term at average prices of at least 20 per cent. above fair value and considers its privatisation strategy to be a sustainable element of value generation over this time span. In fiscal year 2014, Deutsche Annington sold 2,233 units (fiscal year 2013: 2,576 units) in the course of its privatisation programme and realised a fair value step-up of 37.6 per cent. (fiscal year 2013: 24.9 per cent.).

"Non-Core". As of 31 December 2014, 8,952 of Deutsche Annington's residential units with a residential in-place rent of EUR 4.30 per sqm and a vacancy rate of 11.8 per cent. were classified as "Non-Core". These buildings are located in cities or regions with a minimal Group presence, or are situated in a macro or micro location with a negative future outlook and structurally low rent levels or high vacancy rates, or a combination thereof. In addition, this portfolio includes large commercial units, typically with a commercial floor area of more than 500 sqm, which Deutsche Annington considers to be non-core. Deutsche Annington seeks to sell these buildings at approximately fair value. In fiscal year 2014, Deutsche Annington sold houses and commercial units with 1,843 residential units (fiscal year 2013: 4,144 residential units) in the course of its "Non-Core" divestiture programme and realised a fair value step-up of 10.9 per cent. (fiscal year 2013: 1.2 per cent.). The figures also include the disposal of plots of undeveloped land.

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The following table summarises strategic portfolio and sub-portfolio data as of 31 December 2014:

Upgrade Optimise Rental Operate Buildings Apartments Only Privatise Non-Core Total(1) (unaudited(*)) Units ...... Residential ...... 86,325 51,901 34,320 172,546 21,530 8,952 203,028 Commercial ...... 920 195 11 1,126 120 225 1,471 Total ...... 87,245 52,096 34,331 173,672 21,650 9,177 204,499

Area (in thousand sqm) Residential ...... 5,417.7 3,259.4 2,174.6 10,851.8 1,466.2 570.0 12,888.1 Commercial ...... 138.5 20.1 1.1 159.7 15.0 115.4 290.1 Total ...... 5,556.2 3,279.6 2,175.7 11,011.5 1,481.2 685.4 13,178.1

In-Place Rent(2) p.a. in EUR million ...... Residential ...... 351.2 211.2 152.9 715.3 91.8 25.8 832.9 Commercial ...... 10.7 1.6 0.1 12.4 1.2 6.5 20.1 Other ...... 13.0 0.7 0.0 13.8 1.2 0.4 15.3 Total ...... 375.0 213.5 153.0 741.5 94.2 32.6 868.4

In EUR per sqm Residential ...... 5.56 5.55 6.03 5.65 5.46 4.30 5.58 Commercial ...... 7.13 7.21 7.09 7.14 8.99 5.01 6.35 Total ...... 5.80 5.58 6.03 5.78 5.56 4.47 5.69

Fair Value(3) In EUR million ...... 5,302.1 3,271.9 2,293.2 10,867.1 1,493.8 348.4 12,709.4 In EUR per sqm ...... 954 998 1,054 987 1,008 508 964 Multiplier on total current in-place rent(4) ..... 14.1 15.3 15.0 14.7 15.9 10.7 14.6

Notes: (*) Taken or derived from the Guarantor's accounting records or internal management reporting systems, respectively. (1) Includes special and large commercial buildings, but excludes land banks and leaseholds valued at EUR 54.3 million. (2) Residential in-place rent (per month in EUR per sqm) is defined as the current gross rental income per month for rented residential units as agreed in the corresponding rent agreements as of 31 December 2014, before deducting non-transferable operating costs, divided by the residential floor area of rented residential units. (3) Includes commercial real estate, parking and other units. Fair value based on Deutsche Annington's internal property valuation as of 31 December 2014. (4) The ratio of fair value of properties at period end to twelve times the total current in-place rent for the applicable month's end, as of 31 December 2014.

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Total residential portfolio overview

Total residential portfolio by strategic portfolios and sub-portfolios The following table sets forth key data relating to Deutsche Annington's total residential portfolio.

As of and for the year ended 31 December 2014 2013 (unaudited) I. OPERATE Number of residential units ...... 86,325 78,764 Residential floor area (in thousand sqm) ...... 5,418 4,999 Residential in-place rent (per month in EUR per sqm)(1) .. 5.56 5.43 Residential ERV (per month in EUR per sqm)(2) ...... 6.01 – Vacancy rate (in % of units)(3) ...... 2.9 3.0 Fair value of properties (in EUR million)(4) ...... 5,302 4,605 Fair value of properties (in EUR per sqm)(5) ...... 954 907 Multiplier on total current in-place rent(6) ...... 14.1 13.8 II. UPGRADE BUILDINGS Number of residential units ...... 51,901 43,476 Residential floor area (in thousand sqm) ...... 3,259 2,743 Residential in-place rent (per month in EUR per sqm)(1) .. 5.55 5.33 Residential ERV (per month in EUR per sqm)(2) ...... 6.42 – Vacancy rate (in % of units)(3) ...... 2.7 2.8 Fair value of properties (in EUR million)(4) ...... 3,272 2,469 Fair value of properties (in EUR per sqm)(5) ...... 998 897 Multiplier on total current in-place rent(6) ...... 15.3 14.4 III. OPTIMISE APARTMENTS Number of residential units ...... 34,320 21,363 Residential floor area (in thousand sqm) ...... 2,175 1,335 Residential in-place rent (per month in EUR per sqm)(1) .. 6.03 6.10 Residential ERV (per month in EUR per sqm)(2) ...... 6.59 – Vacancy rate (in % of units)(3) ...... 2.7 2.1 Fair value of properties (in EUR million) ...... 2,293 1,447 Fair value of properties (in EUR per sqm)(5) ...... 1,054 1,084 Multiplier on total current in-place rent(6) ...... 15.0 15.1 RENTAL ONLY SUB-PORTFOLIO Number of residential units ...... 172,546 143,603 Residential floor area (in thousand sqm) ...... 10,852 9,077

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As of and for the year ended 31 December 2014 2013 (unaudited) Residential in-place rent (per month in EUR per sqm)(1) .. 5.65 5.50 Residential ERV (per month in EUR per sqm)(2) ...... 6.25 – Vacancy rate (in % of units)(3) ...... 2.8 2.8 Fair value of properties (in EUR million) ...... 10,867 8,521 Fair value of properties (in EUR per sqm)(5) ...... 987 930 Multiplier on total current in-place rent(6) ...... 14.7 14.2 IV. PRIVATISE Number of residential units ...... 21,530 20,536 Residential floor area (in thousand sqm) ...... 1,466 1,406 Residential in-place rent (per month in EUR per sqm)(1) .. 5.46 5.31 Residential ERV (per month in EUR per sqm)(2) ...... 6.24 – Vacancy rate (in % of units)(3) ...... 4.6 4.9 Fair Value of properties (in EUR million)(4) ...... 1,494 1,351 Fair Value of properties (in EUR per sqm)(5) ...... 1,008 953 Multiplier on total current in-place rent(6) ...... 15.9 15.5 V. NON-CORE Number of residential units ...... 8,952 11,119 Residential floor area (in thousand sqm) ...... 570 699 Residential in-place rent (per month in EUR per sqm)(1) .. 4.30 4.24 Residential ERV (per month in EUR per sqm)(2) ...... 4.44 – Vacancy rate (in % of units)(3) ...... 11.8 9.7 Fair value of properties (in EUR million)(4) ...... 348 405 Fair value of properties (in EUR per sqm)(5) ...... 508 494 Multiplier on total current in-place rent(6) ...... 10.7 10.3 TOTAL PORTFOLIO Number of residential units ...... 203,028 175,258 Residential floor area (in thousand sqm) ...... 12,888 11,182 Residential in-place rent (per month in EUR per sqm)(1) .. 5.58 5.40 Residential ERV (per month in EUR per sqm)(2) ...... 6.18 – Vacancy rate (in % of units)(3) ...... 3.4 3.5 Fair value of properties (in EUR million)(4) ...... 12,709 10,276 Fair value of properties (in EUR per sqm)(5) ...... 964 901 Multiplier on total current in-place rent(6) ...... 14.6 14.2

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Notes: (1) Residential in-place rent (per month in EUR per sqm) is defined as the current gross rental income per month for rented residential units as agreed in the corresponding rent agreements as of 31 December 2014 and 2013, respectively, before deducting non- transferable operating costs, divided by the residential floor area of rented residential units as of the same dates. Residential in- place rent is often also referred to as "net cold rent". (2) Residential ERV in EUR per month and sqm is defined as the estimated monthly gross market rental value (before deducting non- transferable operating costs) for all let residential units divided by their residential floor area as of December 2014 for the Group's portfolio. The gross market rental value is estimated by CBRE for the purposes of their valuations as of 31 December 2014 for the Group's portfolio on the basis of an analysis of the local property market, recent rents agreed by Deutsche Annington in 2013/2014, CBRE's market knowledge and other third-party information (such as asking rents), and is thus an indicator of an average rent value that could theoretically be achieved in the respective market. It does not imply, however, that an adjustment of in-place rents to the market rent would be feasible in all cases given that rent increases are subject to stringent legal and contractual restrictions. In some cases, demand for the Group's residential units could decline, if they were offered at the market rent on average. This effect has been taken into account in the valuation methodology through adequate vacancy rates. (3) Number of vacant residential units as of 31 December 2014 and 2013, respectively, divided by total residential units. (4) Fair value (excluding land banks) as of 31 December 2014 and 2013, respectively, all evaluated by Deutsche Annington. (5) Average fair value per sqm of rentable area is defined as fair value of properties (excluding land banks) evaluated by Deutsche Annington divided by total rentable area at period end. (6) The ratio of fair value of properties (excluding land bank) at period end to twelve times the total current in-place rent for the applicable month's end, either as of 31 December 2014 and 2013, respectively. Total portfolio by federal states (Bundesländer) The following table provides an overview of the geographical distribution of Deutsche Annington's Total Portfolio split by Federal States (Bundesländer) and sorted according to the number of Deutsche Annington residential units as of 31 December 2014.

Residential Total Residential Units Area Vacancy In-Place Rent(1) Fair Value(2) (in thousand (in EUR (in EUR (in EUR (in EUR sqm) (in %) million) per sqm) million) per sqm) (unaudited*)) (unaudited*)) North Rhine Westphalia ...... 94,961 5,947 3.5 362.9 5.27 5,010 829 Hesse ...... 22,487 1,429 1.8 114.5 6.80 1,933 1,337 Schleswig-Holstein ...... 19,772 1,192 3.1 72.6 5.24 984 801 Bavaria ...... 16,517 1,098 1.7 79.3 6.12 1,610 1,419 Berlin ...... 13,579 879 1.3 61.4 5.90 1,040 1,145 Bremen ...... 9,787 595 5.5 33.8 5.00 530 865 Lower Saxony ...... 6,336 427 9.2 23.9 5.13 306 714 Baden-Wuerttemberg .... 5,568 385 3.1 26.1 5.84 418 1,073 Rhineland Palatinate ..... 4,998 354 3.3 22.1 5.38 324 909 Saxony ...... 3,714 229 8.4 12.4 4.95 159 615 Hamburg ...... 1,836 110 2.4 9.7 7.55 205 1,698 Saxony-Anhalt ...... 1,190 83 17.3 3.8 4.56 40 476 Thuringia ...... 1,053 68 6.5 4.2 5.46 59 870 Mecklenburg- Vorpommern ...... 642 49 2.3 3.3 5.71 43 859 Brandenburg ...... 576 42 4.9 2.8 5.87 45 996 Saarland ...... 12 1 0.0 0.1 4.72 1 760 Total ...... 203,028 12,888 3.4 832.9 5.58 12,709 964

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Notes: (*) Taken or derived from the Guarantor's accounting records or internal management reporting systems, respectively. (1) Residential in-place rent (per month in EUR per sqm) is defined as the current gross rental income per month for rented residential units as agreed in the corresponding rent agreements as of 31 December 2014, before deducting non-transferable operating costs divided by the residential floor area of rented residential units; in-place rent is often also referred to as net cold rent. (2) Average fair value per sqm of rentable area is defined as fair value of properties (excluding land banks) evaluated by Deutsche Annington divided by total rentable area at period end.

Total portfolio by 25 largest cities The following table provides an overview of the geographical distribution of the Total Portfolio split into the 25 largest cities (in terms of Deutsche Annington residential units) as of 31 December 2014.

Residential Total Residential Units Area Vacancy In-Place Rent(1) Fair Value(2) (in thousand (in EUR (in EUR (in EUR (in EUR sqm) (in %) million) per sqm) million) per sqm) (unaudited*)) (unaudited*)) Dortmund ...... 17,414 1,064 2.3 61.5 4.93 814 762 Berlin ...... 13,579 879 1.3 61.4 5.90 1,040 1,145 Kiel ...... 10,715 624 1.2 38.4 5.19 512 782 Frankfurt am Main ...... 10,593 656 0.8 57.3 7.34 1,027 1,541 Bremen ...... 9,561 581 5.5 33.1 5.01 522 873 Essen ...... 9,393 577 4.6 34.9 5.29 461 781 Bochum...... 7,534 433 2.8 26.4 5.23 332 761 Gelsenkirchen ...... 7,387 452 5.8 24.2 4.75 289 620 Duisburg ...... 5,093 308 4.1 17.9 5.06 230 715 Munich ...... 4,840 321 0.7 25.3 6.63 685 2,057 Cologne...... 4,611 303 1.7 24.3 6.79 427 1,377 Herne ...... 4,523 277 4.2 15.3 4.83 192 693 Bonn ...... 4,163 292 1.7 21.7 6.30 371 1,259 Gladbeck ...... 3,202 196 2.9 11.4 5.01 143 729 Dusseldorf ...... 2,757 180 2.4 15.2 7.22 286 1,468 Herten ...... 2,645 169 4.8 9.0 4.64 119 696 Wiesbaden ...... 2,337 156 2.8 13.8 7.57 232 1,482 Aachen ...... 2,283 151 3.3 9.8 5.64 148 963 Marl ...... 2,089 138 5.7 7.9 5.09 101 735 Geesthacht ...... 1,978 113 2.9 7.5 5.73 102 902 Bergkamen ...... 1,843 120 4.2 6.3 4.59 73 598 Bottrop ...... 1,838 115 3.4 6.9 5.17 94 810 Hamburg ...... 1,836 110 2.4 9.7 7.55 205 1,698 Kassel ...... 1,823 114 3.6 6.9 5.22 95 829 Augsburg ...... 1,808 99 2.7 7.6 6.55 123 1,204 Subtotal ...... 135,845 8,428 2.8 553.7 5.64 8,624 1,000

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Unit size Because Deutsche Annington's residential units are proportionally smaller than average, they are primarily suitable for one- or two-person households (size of residential units ranging from 40 to 70 sqm). The following table shows the flat size of the residential units in Deutsche Annington's portfolio as of 31 December 2014:

Number of Size of residential units in sqm units % of total (unaudited*)) < 40 ...... 11,546 5.7 40 ( 59 ...... 76,477 37.7 60 ( 79 ...... 87,038 42.9 80 ( 99 ...... 23,809 11.7 100 ( 119 ...... 3,357 1.7 > 120 ...... 801 0.4

Total ...... 203,028 100.0

Notes: (*) Taken or derived from the Guarantor's accounting records or internal management reporting systems, respectively.

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Construction year As of 31 December 2014, approximately 61 per cent. of Deutsche Annington's residential units were located in buildings constructed between 1949 and 1970. The following table shows the year of construction for the residential units in Deutsche Annington's full portfolio: Year of construction Number of units % of total (unaudited*) Before 1949 ...... 30,947 15.2 1949 ( 1959 ...... 70,714 34.8 1960 ( 1970 ...... 53,189 26.2 1971 ( 1980 ...... 27,779 13.7 1981 ( 1990 ...... 9,665 4.8 After 1990 ...... 10,734 5.3 Total ...... 203,028 100.0 Note: (*) Taken or derived from the Guarantor's accounting records or internal management reporting systems, respectively. Number of storeys per building As of 31 December 2014, approximately 89 per cent. of Deutsche Annington's properties had five or fewer storeys (including the ground floor). The following table shows the number of storeys per building in Deutsche Annington's portfolio:

Number of Number of storeys per building residential units % of total (unaudited*)) 0 - 5 ...... 181,039 89.2 6 ( 10 ...... 18,995 9.4 11 - 15 ...... 2,295 1.1 16 - 20 ...... 699 0.3 Total...... 203,028 100.0 Note: (*) Taken or derived from the Guarantor's accounting records or internal management reporting systems, respectively. Asset type As of 31 December 2014, approximately 96 per cent. of Deutsche Annington's portfolio was comprised of multi-family properties while the remaining 4 per cent. was comprised of single/dual family properties.

Subsidized residential units In Germany, landlords may receive governmental subsidies in the form of low-interest rate loans and direct payments for the construction or modernisation of residential real estate. Subsidised residential real estate is subject to statutory occupancy restrictions as well as occupancy restrictions pursuant to the terms and conditions of public grants. There are two principal requirements applicable to subsidised residential real estate: (i) the tenant occupying the subsidised residential unit must provide a housing eligibility certificate (Wohnberechtigungsschein) and (ii) rents are limited to certain rent restrictions during the statutorily specified funding period (see "— Regulatory Environment — German Tenancy Law-Public Subsidy Restrictions").

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As of 31 December 2014, approximately 14 per cent. of the Group's portfolio was subsidised. The following table shows the maturity of the restrictions:

Rent 2024 et restricted Maturing in 2015 2016 2017 2018 2019 2020 2021 2022 2023 seq. in % (unaudited*)) Number of rent- restricted units ...... 558 957 433 4,698 1,152 281 136 606 594 18,353 14

Note: (*) Taken or derived from the Guarantor's accounting records or internal management reporting systems, respectively. Rental only sub-portfolio Deutsche Annington combines the three strategic portfolios Operate, Upgrade Building and Optimize Apartments in the Rental Only sub-portfolio. The following section provides an overview of certain key data related to this sub-portfolio.

Rental only sub-portfolio by federal states The following table provides an overview of the geographical distribution of the Rental Only portfolio split by federal states and sorted according to the number of the Group's residential units as of 31 December 2014:

Residential Total Residential Units Area Vacancy In-Place Rent(1) Fair Value(2) (in (in (in thousand (in per (in EUR EUR per (in EUR EUR per sqm) cent.) million) sqm) million) sqm) (unaudited*)) (unaudited*)) North Rhine Westphalia ...... 82,746 5,135 3.1 317.6 5.32 4,327 834 Hesse ...... 18,901 1,195 1.5 96.9 6.86 1,613 1,336 Schleswig-Holstein ...... 17,712 1,048 3.0 63.8 5.23 859 795 Berlin ...... 13,221 855 1.2 59.9 5.91 1,005 1,161 Bavaria ...... 12,722 842 1.3 63.7 6.39 1,311 1,513 Bremen ...... 8,594 513 4.8 29.3 4.96 463 874 Baden-Wuerttemberg .... 4,473 312 3.1 21.7 5.98 349 1,105 Rhineland Palatinate ..... 3,915 274 2.3 17.4 5.43 257 929 Saxony ...... 3,286 204 6.8 11.3 4.97 143 696 Lower Saxony ...... 2,724 191 6.6 12.8 5.93 190 993 Hamburg ...... 1,813 108 2.4 9.6 7.56 189 1,727 Thuringia ...... 841 56 5.0 3.6 5.68 54 957 Mecklenburg- Vorpommern ...... 642 49 2.3 3.3 5.71 43 859 Saxony-Anhalt 487 34 6.0 2.0 5.29 24 704 Brandenburg ...... 469 34 1.9 2.5 6.10 40 1,138 Total ...... 172,546 10,852 2.8 715.3 5.65 10,867 987

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Note: (*) Taken or derived from the Guarantor's accounting records or internal management reporting systems, respectively. (1) Residential in-place rent (per month in EUR per sqm) - current gross rental income per month for rented residential units as agreed in the corresponding rent agreements as of a certain date, before deducting non-transferable operating costs divided by the residential floor area of rented residential units; in-place rent is often also referred to as net cold rent. (2) Average fair value per sqm of rentable area is defined as fair value of properties (excluding land banks) divided by total rentable area at period end. Rental only sub-portfolio by 25 largest cities As of 31 December 2014, approximately 69 per cent. of Deutsche Annington's "Rental Only" sub-portfolio, measured by fair value, was located in 25 German cities. The remaining approximately 31 per cent. of this portfolio was dispersed throughout the rest of Germany. Although Deutsche Annington owns properties throughout Germany, 96 per cent. of its Rental Only sub-portfolio as measured by the number of residential units is situated in the old German federal states (Alte Bundesländer) including Berlin.

The following table provides an overview of the geographical distribution of the Rental Only portfolio split into the 25 largest cities (in terms of Deutsche Annington residential units) as of 31 December 2014:

Residential Total Residential Units Area Vacancy In-Place Rent(1) Fair Value(2) (in (in (in thousand (in EUR EUR per (in EUR EUR per sqm) (in %) million) sqm) million) sqm) (unaudited*)) (unaudited*)) Dortmund ...... 15,826 963 2.0 56.0 4.95 742 768 Berlin ...... 13,221 855 1.2 59.9 5.91 1,005 1,161 Kiel ...... 9,841 566 1.3 34.8 5.19 462 778 Frankfurt am Main ...... 9,174 560 0.7 49.7 7.44 872 1,535 Bremen ...... 8,490 507 4.8 29.0 4.97 460 879 Essen ...... 8,089 490 4.1 29.9 5.32 389 777 Bochum...... 7,050 402 2.5 24.6 5.22 306 756 Gelsenkirchen ...... 5,970 357 5.3 19.8 4.89 232 645 Munich ...... 4,222 276 0.4 21.6 6.54 569 2,014 Duisburg ...... 3,978 233 4.1 13.8 5.13 174 720 Herne ...... 3,961 242 4.0 13.5 4.83 169 697 Bonn ...... 3,808 267 1.6 19.7 6.25 334 1,247 Cologne...... 3,791 247 1.6 19.8 6.79 345 1,369 Gladbeck ...... 2,726 165 2.2 10.0 5.16 122 738 Dusseldorf ...... 2,503 164 2.1 13.8 7.17 246 1,446 Aachen ...... 2,166 143 2.8 9.4 5.66 142 982 Herten ...... 2,067 128 4.5 7.2 4.91 88 685 Wiesbaden ...... 1,980 131 2.3 11.6 7.54 195 1,479 Marl ...... 1,956 127 5.6 7.3 5.09 93 732 Hamburg ...... 1,813 108 2.4 9.6 7.56 189 1,727 Bergkamen ...... 1,748 113 4.1 5.9 4.58 68 599

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Residential Total Residential Units Area Vacancy In-Place Rent(1) Fair Value(2) (in (in (in thousand (in EUR EUR per (in EUR EUR per sqm) (in %) million) sqm) million) sqm) (unaudited*)) (unaudited*)) Kassel ...... 1,674 103 3.9 6.3 5.27 87 836 Geesthacht ...... 1,668 94 2.9 6.3 5.73 85 903 Castrop-Rauxel ...... 1,566 90 2.1 5.5 5.15 62 688 Augsburg ...... 1,542 83 2.6% 6.4 6.61 102 1,206 Subtotal ...... 120,830 7,417 2.5% 491.3 5.66 7,539 1,001 Remaining ...... 51,716 3,435 3.4% 224.1 5.63 3,328 957 Total ...... 172,546 10,852 2.8% 715.3 5.65 10,867 987

Note: (*) Taken or derived from the Guarantor's accounting records or internal management reporting systems, respectively. (1) Residential in-place rent (per month in EUR per sqm) - current gross rental income per month for rented residential units as agreed in the corresponding rent agreements as of a certain date, before deducting non-transferable operating costs divided by the residential floor area of rented residential units; in-place rent is often also referred to as net cold rent. (2) Average fair value per sqm of rentable area is defined as fair value of properties (excluding land banks) evaluated by Deutsche Annington divided by total rentable area at period end. Business operations Deutsche Annington considers residential real estate to be a decisively local business, which requires strong local market intelligence and an in-depth knowledge about its own assets and customers. Therefore, Deutsche Annington manages its core operating business through 33 local business units in four regions.

The following chart provides a functional overview of the Deutsche Annington operating model.

Asset Management Property Management1 202,600 appartments 33 business units2 6 Business Units 7 Business Units 11 Business Units 9 Business Units Local

Local customer service, cartakers and craftsmen organisations

South Rhine/Main Ruhr District North East 4 Regions

Portfolio management Customer services Technical services Modernisation

Central Acquisition & Sales Central customer service Central repair center Business Department

Financing Property valuation Legal / HR IT Other functions3 Functions Corporate

Notes: (1) Also includes external management of condominiumized apartments, environment, health & safety. (2) Number of units as of 31 December 2014; in addition, 40,762 units administered on behalf of third parties. (3) Other corporate functions include accounting, capital markets, communications, controlling, insurance, procurement, PR, tax and internal audit.

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While, as a matter of principle, Deutsche Annington delivers its services locally, it has centralised all tasks that can be performed more cost-efficiently on a national level, e.g. the billing of utility and ancillary costs as well as the administrative management of rental contracts.

In accordance with this general principle, Deutsche Annington has divided its portfolio into 33 local business units, each responsible for an average of approximately 6,000 residential units. On the local level, approximately 20 employees are assigned to each business unit and work out of eleven branches that are located near the Group's geographic portfolio concentrations. The local teams collect and process local knowledge related to the Group's central functions and source central services to the extent required for the best and most cost-efficient performance of their services on the ground. While the local teams have a large degree of autonomy, the performance of each individual business unit is regularly monitored centrally on the basis of key performance indicators, such as customer satisfaction and the profitability of the individual portfolio.

The following table provides an overview of the organisation, responsibilities and key performance indicators ("KPIs") of a typical local team, which consists of both asset and property management functions:

Asset and property management Technical service

. 1 Regional head . 2 Deputy regional head . Craftsmen (no fixed assignment, total of 17 locations 2014) . ~ 1 Technician . ~ 1 Property administrator Team . ~ 1 Letting staff . ~ 10 Caretakers

. Rent management . Local customer service . Maintenance (target rent / sales prices / rent incentives) . Letting process (tenant change) . Increasing customer satisfaction . Investments . Complaint management . Innovative materials logistics . Sales – privatisations . Coordination of maintenance . Experienced team and measures standardised processes . Maintenance decisions . Surveillance of 3rd party services Responsibilities . Face to local politics / administration . Business planning

Contribution margin of portfolio Fair value step-up in sales KPIs Customer satisfaction

The Group's business processes are characterised by their high level of industrialisation and full integration. In order to illustrate the interplay between asset and property management functions, as well as between central and local units, two core residential processes, rent management and maintenance, are described below:

Rent management process. Based on their knowledge of local micro-markets and the condition of their apartments, and taking into account current vacancy rates and maintenance requirements, the regional managers periodically update the target rent for new lettings in the SAP system. The new letting rent automatically appears in all customer-facing marketing materials (e.g. exposés). The local rent index is calculated by the SAP system based on the physical configuration of the flat which in turn is updated each time a Group employee is inside the flat and is prompted for an update through his tablet PC. Based on this information, the SAP system is also able to automatically generate the monthly rent increase potential within the applicable legal framework. Based on this information, approximately 50,000 individual rent increase notifications are automatically sent per year to customers in accordance with their individual lease agreements; in the past, approximately 85 per cent. of these rent increases were accepted without further negotiations. Remaining questions or objections to the rent increases are handled by personnel within the central customer service unit who have all relevant data on their screens.

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Maintenance process. Customers calling the central customer service with regard to required repairs are transferred to the central repair centre. Below a threshold of between EUR 500 and EUR 1,000, depending on the type of maintenance, repairs are commissioned directly to the local craftsmen organisation if Deutsche Annington is responsible for the repairs. Above that threshold, a local customer service agent verifies the need for repairs on-site and enters the required measures via his tablet PC in a "car configurator" type application which includes all flat configuration data and the required bills of material to execute the work. It then appears in the regional manager's inbox for approval and subsequently is commissioned to the local craftsmen organisation.

Product management The product management function comprises two major functions: portfolio management and development of new business.

Portfolio management Portfolio management is responsible for the implementation of investment and sales programmes and portfolio operations. It is based on the interplay between the central portfolio management unit and the local business unit organisation. It follows the principle that all tasks that can be performed using standardised and scalable procedures should be carried out centrally, by the portfolio management unit, while all tasks that require local knowledge, or that cannot be handled efficiently on a central basis, should be performed locally by regional managers at the business unit level.

The following chart describes the decision-making process both for setting the overall product strategy and for individual portfolio decisions:

Central Portfolio Management (analytical backbone)

Local Coordination Challenge evaluation Agree- Strategy and Group ment interest Execution

Regional Management (on site real estate / asset knowledge)

For a description of the tasks and responsibilities of the local business unit organisation see below.

Portfolio development. Deutsche Annington considers its portfolio development efforts an important part of its strategy. To this end, Deutsche Annington capitalises on major societal trends to guide its portfolio development efforts. The trends that Deutsche Annington has identified are climate change and energy efficiency, on the one hand, and demographic trends such as the expected increase in one- to two-person households and the aging population, on the other hand. All of Deutsche Annington's major investment programmes are designed to respond to demand generated by these trends. In co-operation with the German Energy Agency (Deutsche Energie Agentur) (dena), Deutsche Annington developed a long-term energy efficiency roadmap towards meeting the German Federal Government's climate goals by 2050, which will serve as a strategic blueprint for the Group's energy efficiency programme in the future.

Portfolio operations. The main responsibilities of portfolio operations include the business management of the Group's undeveloped plots of land and its large commercial properties, decision support for the whole asset management organisation and process improvements.

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A dedicated team is responsible for the business management of the Group's undeveloped land and commercial properties. Deutsche Annington's strategy is to sell these assets on economically reasonable terms where possible and to maintain and develop them profitably in those cases where a sale is less advantageous. Therefore, Deutsche Annington continuously improves the quality of these assets and applies for the relevant building permits in advance in order to enhance their attractiveness and value.

Business development Over the past years Deutsche Annington has steadily extended its core business. The most important examples of successful business development initiatives are the development of the craftsmen's organization Deutsche TGS and the partnership with Deutsche Telekom to supply residential units with digital radio and TV reception. Both projects have met or exceeded the Group's expectations. In addition, in 2012 Deutsche Annington started to build an in-house caretaker organization to be able to provide tenants with an integrated own service offering. Tenant responses to this caretaker service offering is highly positive and fully meets the Group's expectations.

Deutsche Annington continues to see great growth potential for the craftsmen's organisation Deutsche TGS GmbH ("Deutsche TGS"). Since the beginning of 2013, Deutsche TGS has expanded their capabilities across all regions. As of 31 December 2014, Deutsche TGS had approximately 1,760 employees. As of the date of this Prospectus, Deutsche TGS handles almost all repair and maintenance work formerly carried out by third parties and large parts of the optimise apartments programme. For further details see "— Property Management —Technical Service — Local Craftsmen Organisation" below.

The contract with Deutsche Telekom was signed in 2011. The joint objective is to equip 145,000 apartments with modern fibre-optic technology to be able to offer Deutsche Annington's tenants the entire spectrum of Deutsche Telekom services on favourable conditions. As of 31 December 2014, over 55,000 apartments had already been connected with Deutsche Telekom's TV signal.

Acquisitions & Sales Deutsche Annington targets profitable growth through selective acquisitions and avails itself of market opportunities to dispose of residential units from its "Privatise" and "Non-Core" portfolios in accordance with its overall portfolio strategy.

According to Deutsche Annington's business strategy, Deutsche Annington intends to grow its property portfolio via acquisitions of additional property portfolios and real estate companies. Therefore, Deutsche Annington constantly evaluates opportunities to identify suitable targets for its existing property portfolio and specific opportunities for value creation and growth. Deutsche Annington's constant analysis of the relevant real estate markets may lead to prompt and significant further acquisitions of property portfolios and real estate companies in the near future.

In 2014, Deutsche Annington seized new opportunities for growth of its portfolio by acquiring about 11,500 residential units managed by DeWAG on 1 April 2014 and 30,000 residential units through the Vitus Group Takeover on 1 October 2014, 9,600 of which were subsequently resold to a subsidiary of LEG Immobilien AG.

Acquisitions Deutsche Annington's acquisition team consists of a small number of experienced professionals, dedicated to profitably growing the Group's business through acquisitions. This team analyses, underwrites, and competes for almost all large as well as select small- to medium-sized deals in Germany. In addition to the expertise available within the corporate functions, particularly Finance, Legal, Tax, Human Resources and Accounting the acquisition team's analysis and underwriting processes make extensive use of the know-how and local knowledge available within the 33 business units that are spread nationally as well as within the centrally-based property management functions.

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The local business unit assesses portfolios based on local market information and market trends. As a result of their analysis, target portfolios can be classified into the strategic portfolio descriptions utilised by portfolio management: "Operate", "Upgrade Buildings", "Optimise Apartments", "Privatise", and "Non-Core". The acquisition team aims to expand its existing portfolio concentrations via medium to large deals and to potentially create new portfolio concentrations through the acquisition of large corporations as well as via the takeover of smaller companies and management platforms or residential portfolios. Additionally, the Guarantor considers smaller portfolio purchase opportunities if they could enhance its current portfolio in attractive micro locations.

Acquisitions follow a standard process. After initial screening, the Acquisition team analyses the offered portfolio in depth, preparing an indicative offer which is sent to the seller subject to approval by the Management Board. Provided this offer is accepted, a binding offer stage is normally initiated involving confirmatory due diligence as well as negotiations on financing, if appropriate. Between 2006 and 2014, Deutsche Annington screened portfolios consisting in total of 2.7 million residential units and analysed in detail portfolios with around 900,000 residential units. The Guarantor issued indicative offers on around 460,000 units and binding bids on approximately 170,000 units.

From 2006 to 2013, Deutsche Annington acquired and integrated new portfolios totalling approximately 16,000 residential units. The individual portfolios ranged from 50 to 4,500 units in size and were located mainly within Deutsche Annington's defined business hubs to strengthen operational efficiency. In addition, as mentioned above, Deutsche Annington increased its portfolio in 2014 by acquiring approximately 11,300 units managed by DeWAG, approximately 100 units in the Dusseldorf area and is integrating approximately 20,500 additional units from the Vitus Portfolio at the time being. Deutsche Annington aims to realise economies of scale by fully integrating newly acquired companies at marginal cost and to benefit from synergies, in particular by utilising Deutsche Annington's craftsmen's organisation.

Also, it is expected that on 1 April 2015, the Group will close the purchase of further assets from CitCor then expected to comprise approximately 5,100 residential units and approximately 210 commercial units. For further information, see "Material Agreements—Agreements Entered into in Connection with Recent Acquisitions— Franconia Transactions".

Sales Deutsche Annington uses different sales channels for privatisations and non-core divestitures. Depending on the characteristics of the unit earmarked for sale, the targeted sales channels are identified and appropriate marketing measures implemented. The sales management team is divided into seven regions (Westphalia, North, East, South, Southwest, and Ruhr and Rhineland) and operates from eight offices. The lean-staffed sales management team is responsible for managing the approximately 70 independent real estate brokers working in the local sales organisation. The entire contract management for the real estate purchase agreements is handled centrally by the back office. A strong focus on mass processes and standardised contract forms enables the sales back office to deliver high-quality contracts in an efficient manner.

The central functions are supported by the local sales organisation. 70 self-employed and independent real estate brokers working under the Group brand with access to the Group's IT platform and latest sales data run the Group's residential unit sales efforts. Each real estate broker is allocated to a certain portfolio and works on a non-exclusive basis for the Group. The minimum prices for the residential units earmarked for sale are set by the local business management team, who can draw from their local expertise. The real estate brokers receive an incentive fee based on the list price of the residential unit upon the successful completion of a transaction. The incentive fee structure of the brokers is controlled by the sales management team.

Deutsche Annington believes that its local sales force is not only highly cost efficient but also scalable. In past years, Deutsche Annington was able to take advantage of favourable market opportunities by increasing its unit

265 sales by 160 per cent. from 2010 to 2013, while costs associated with these sales only increased by 14 per cent. during the same period.

Regional management organization The Group is organised in four regions, which are further divided into 33 business units. In each business unit, the responsible regional manager, who reports to the region's managing director, acts as the asset owner of the local portfolio (totalling approximately 6,000 units on average) and bears responsibility for the profitability of the local portfolio. In addition to this asset management function, the local management also carries out the decentralised tasks of Deutsche Annington's property management, e.g. the local customer service. For further details see "— Property Management" below.

A major focus of the regional managers is on operational decisions, such as setting target rents, rental incentives, and rental deposits for each individual rental unit, as well as deciding on individual maintenance measures that exceed certain thresholds (usually over EUR 1,000). To this end, the regional managers closely monitor market prices and customer demand to optimise successful re-letting of the properties for which they are responsible.

Another major focus is supporting strategic decisions on investments and disposals. Based on their in-depth knowledge of their respective local portfolios, asset conditions and tenant structures, the regional managers prepare detailed investment and sales proposals on a house-by-house basis within the framework of the Group's overall strategy. Furthermore, the regional managers are responsible for budgeting and medium-term planning for their respective local portfolios and their performance is measured on the basis of customer satisfaction and the financial performance of their portfolios. In addition, the regional managers represent Deutsche Annington vis-à-vis local stakeholders, e.g. local politicians or administrative bodies, and also participate in assemblies of local homeowners' associations (Wohnungseigentümergemeinschaften) as the Group's representative.

Property management The property management function includes the tenancy-related administrative functions within the Group. It is steered by highly integrated interdisciplinary processes comprising local and central organisational units. Deutsche Annington's property management function manages the Group's (i) customer services, encompassing the letting process and customer requests management and (ii) technical services, including the central repair centre, the modernisation team, environmental, health and safety ("EHS") compliance.

Customer services

Central customer service Central customer service is divided into four geographic regions, each of which is managed by its own management team. The Group's employees are permanently assigned to one of these four geographic regions (North/East, Ruhr district, Rhine/Main and South), mirroring the structure of the asset management organisation. 232 service centre staff members are employed by tariff-free companies.

Central customer service gives the Group's customers the opportunity to contact Deutsche Annington via a low- cost regional phone number, e-mail, fax or mail. It is the back office for all customer requests and complaints, e.g. contract cancellations, viewing appointments for new tenants, contract management, problems with neighbours and customer requests. The customer service is tailored towards the individual customer's needs, where tailoring includes, amongst other things, the use of English- or Turkish-speaking telephone operators. Tenants can furthermore utilise its online platform, which provides access to contract details and additional functions 24-hours a day and has been in use since 2011. The Group's customer service settles approximately 86 per cent. of all incoming phone enquiries directly.

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Service centre The service centre handles all lease agreement-related tasks centrally. It is responsible for all mass processes, including:

• Pass through utility and ancillary cost billing

• Operational execution of rent management

• Dunning

• Accounts receivable management

Ancillary Cost Billing. Deutsche Annington has made various efforts to enhance the transparency of its ancillary costs (Betriebskosten) statements. Since 2010, the Group was able reduce the number of customer complaints relating to ancillary cost bills by more than half. These efforts have also been met with outside recognition. In 2011, Deutsche Annington was awarded the Geislinger Convention quality seal and ISO 9001:2008 certification by TÜV Rheinland.

Furthermore, Deutsche Annington aims to reduce ancillary costs (Betriebskosten) for its entire real estate portfolio to minimise tenants' overall expenses. To this end, Deutsche Annington negotiated group discounts with leading utility providers for its large customer base.

Operational execution of rent management. The operational execution of rent management tasks is handled centrally by the service centre. The Group's computer system notifies the service centre immediately if the potential to raise rents for residential units arises in accordance with the applicable rent indices (Mietspiegel). The realisation of economies of scale is achieved, among other things, through the use of standardised contracts, letters and processes.

Dunning. Similar to rent management, Deutsche Annington's dunning process is executed centrally. The computer- based dunning system allows for a highly standardised and therefore efficient procedure.

Accounts Receivable Management. The Group strictly monitors its overdue rent. Deutsche Annington established a consequent arrears management process including specified dunning letters, outbound calls, SMS, email and on- site visits. Apart from this, Deutsche Soziale Wohnen GmbH contacts defaulting tenants seeking to act in a socially responsible manner. Given the fact that some of the Group's tenants are low income earners or social welfare recipients, account managers may give tenants the option of a deferred payment and/or refer tenants to the Group's debt counselling, which may include the provision of assistance in applying for social security benefits. In addition to such services, the Group also provides special counselling to tenants who are facing eviction after falling behind with rent payments. To provide this service, Deutsche Annington employed approximately 16 on-site social managers in 2014 who gave tenants expert advice and who can negotiate individually tailored solutions in order to avoid costly eviction proceedings for all parties involved. In 2014, Deutsche Annington's on-site social managers were able to ward off more than 250 evictions and to secure more than 1,600 rental contracts.

Local customer service Local customer service is provided by the 33 local business units. The Group's local operations are an important tool for the re-letting of residential units. As of 31 December 2014, Deutsche Annington operated 70 rental points (Vermietungspunkte) that are dispersed throughout all local business units. These rental points may be opened and closed on a highly flexible basis in response to changing needs for local marketing.

Deutsche Annington has set up a caretaker organisation to insource its on-site support as opposed to relying on external third-party service providers. This gives Deutsche Annington proximity to its clients and improves the quality of its customer service. Furthermore, the insourcing of services through tariff-free subsidiaries allows Deutsche Annington to save the VAT on all personnel services delivered to its customers.

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Deutsche Annington's caretakers each service approximately 500 units and deal with tenant inquiries and requests which the central customer service is unable to address on the phone. As of 31 December 2014, Deutsche Annington had 425 caretakers responsible for 202,608 of the Group's residential units, working at approximately 200 locations throughout Germany. The Group's caretakers are charged with various day-to-day tasks, e.g. customer management, small maintenance works and to a certain degree service provider supervision. The Group's customers are given the address and phone number of the caretaker responsible for their residential unit. Based on local demand, a caretaker offers an on-site service hour (Kundensprechstunde) on a weekly to monthly basis that allows customers to discuss and resolve any matter in person at the office. While there are smaller maintenance problems the caretaker may be able to solve on his own, he forwards more complicated repair work to the local craftsmen organisation.

Deutsche Annington has also engaged Alba Facility Services as its major contractor for the provision of more than 90 per cent. of the additional services, such as gardening work, winter service, street, pavement and house cleaning. Deutsche Annington currently considers it the most suitable solution to have these services performed by companies specialised in the provision of such services.

DASG (Management of Homeowners' Associations). Deutsche Annington also offers customers condominium administration services through its wholly owned subsidiary Deutsche Annington Service GmbH ("DASG"), which operates in six regional teams in 13 office locations throughout Germany. The condominium accounting team is located in Bochum. Additional technical advisors are located in Bochum and offer expertise on technical projects to homeowners.

DASG is one of the largest condominium managers in Germany. DASG has also begun to service third-party condominiums by managing common property in accordance with the Condominium Act as well as by offering full management service for separate properties. In addition to these services, Deutsche Annington provides its customers with access to nationwide framework agreements for craftsmen and other services on special conditions. Furthermore, Deutsche Annington offers these third-party owners technical building evaluation services. The evaluation it performs is designed to give an overview of the measures that are necessary or recommended for saving energy effectively and maintaining or increasing the value of a given property.

As of 31 December 2014, DASG supervised 1,257 homeowners' associations (Wohnungseigentümergemeinschaften) with 40,762 residential and commercial units, of which 13,380 residential units are owned by Deutsche Annington. 27,382 units are administered on behalf of other owners. In fiscal year 2014, DASG generated revenues of EUR 9,8 million (fiscal year 2013: EUR 9,7 million) through condominium administration services.

Technical services Deutsche Annington's technical services are primarily comprised of four central functions: (i) central repair centre, (ii) modernization team, (iii) EHS and (iv) mining team. The central functions are complemented by the craftsmen organization on a local level.

Central Repair Centre The repair centre reacts to customer requests that it receives from central customer service. It decides whether to send its own craftsmen to the site, or whether to contract a third-party expert if special expertise is required. The repair centre manages the process of scheduling the on-site visits of the respective local craftsmen. It inspects the work delivered by third-party service providers, ensures that all work is done on a timely basis and determines whether contractual claims may exist.

Modernization team Deutsche Annington's modernization team consists of a group of highly specialized architects who are tasked with the planning of modernization work as well as construction supervision. The modernization team is specifically in

268 charge of operationally delivering the Group's annual energy efficiency investment programme. Deutsche Annington believes that its internal modernization team has acquired a unique set of planning and supervision skills specifically tailored to the type of modernization projects that Deutsche Annington conducts, and that its management team can therefore handle modernization tasks more efficiently than external service providers.

EHS Furthermore, Deutsche Annington's technical services department is responsible for ensuring that Deutsche Annington complies with environmental, health and safety regulations by scheduling regular safety inspections conducted by external service providers at all of its units every two years and implementing remedial measures where necessary. It also actively monitors changes in the EHS-related legal environment and immediately plans the implementation of new measures to the extent required.

Mining team A dedicated mining team monitors Deutsche Annington's buildings with regard to potential damages and hazards arising from, and in connection with, former mining activities, particularly in the Ruhr area. In accordance with a mining action plan which was first introduced in 2003, the mining team supervises external experts who inspect the respective properties on an annual or bi-annual basis. Furthermore, the mining team drafts a comprehensive mining risk management report on an annual basis.

Local craftsmen organization Deutsche Annington started its own local craftsmen organisation in 2011. Since then, it has successively taken over almost all repair and maintenance work formerly carried out by third parties and furthermore handles large parts of the optimise apartments programme.

All repair processes are structured in a paperless way. Customers may sign contracts delivered to the local craftsman by the repair centre on the craftsman's tablet PC. Through electronic notification, the central repair centre instantly receives the message that the job has been performed and may assign the respective craftsman to his next assignment. The craftsmen do not have their own offices. They are equipped with a corporate van instead. The craftsmen's vans are refilled over night with the necessary materials for the centrally scheduled assignments which are mailed by the central repair centre directly on the craftsman's tablet PC, thus combining elements of the just-in-time and Kanban principles, a management tool that is designed to prevent bottlenecks.

The implementation of the local craftsmen organisation is aimed at saving costs, while further increasing the quality of the Group's customer service. On the cost side, Deutsche Annington's craftsmen organisation saves Deutsche Annington the VAT on personnel costs and creates full cost transparency for Deutsche Annington's management. Furthermore, purchasing advantages through bundling and standardisation may be realised. Additionally, from a customer satisfaction point of view, the Group's direct grasp on quality and time awareness may also improve the customer experience.

The Group founded two joint ventures with a leading residential unit service provider, B&O Service & Messtechnik AG, in each of which Deutsche Annington holds 51 per cent. These joint ventures provide the Group's customers with on-site repair and maintenance services. In fiscal year 2014, the Group's craftsmen organisation performed roughly 440,000 minor repairs (in fiscal year 2013: 389,000 minor repairs) and renovated some 12,500 vacant residential units (for fiscal year 2013: 11,500 vacant residential units). As of 31 December 2014, it had approximately 1,760 employees, thereof 1,476 craftsmen (for fiscal year 2013: 970 craftsmen) who worked at 17 locations throughout Germany and were responsible for 202,608 of the Group's residential units.

Procurement Deutsche Annington's procurement functions use the Group's bargaining power to achieve economies of scale by procuring amongst other things the Group's maintenance and repair supplies. To this end, the Group's procurement functions have developed a catalogue with standard prices for approximately 11,000 products and services needed

269 for performing repairs and maintenance jobs as well as for executing modernisation projects. Central procurement sets the strategy for sourcing each service and material and aims to ensure best prices and highest standards through bundling and industry knowledge. The Group's management believes that its strategy to procure third- party supplies centrally and to deliver these products through overnight-refill amongst the other local craftsmen, rather than instructing the Group's local service staff to buy their supplies separately in local stores, results in cost savings, both with regard to material costs as well as personnel costs and ensures that repair work in all of the Group's residential units is performed using the same materials.

Furthermore, the Group's procurement functions take advantage of the Group's size by purchasing third-party services centrally and by bundling Deutsche Annington's purchase orders with select suppliers.

Corporate functions The corporate functions serve as the Group's logistical backbone for its operations and handle the financing, property valuation, legal and human resources, IT and procurement functions of the Group.

Financing The in-house finance and treasury department is structured and oriented along the lines of a large industrial corporation and is characterised by standardised and highly integrated processes. At the end of fiscal year 2013, the finance and treasury department introduced significant organisational changes, which are already partially operational, such as the newly integrated front-, middle- and back-office structure, whereby the back-office function is part of the accounting department. The reorganisation aims to ensure the industrialised management of a steady flow of refinancing activities over the next years and the execution of refinancing activities within approximately six to nine months after initiation of the respective process as well as the administration of all existing financings including the respective reporting requirements. In addition, the finance and treasury department is also responsible for the Group's rating activities.

Following a conservative approach, Deutsche Annington's finance and treasury department has a track record of refinancing its outstanding debt six to nine months prior to maturity.

The finance and treasury department makes use of a whole variety of refinancing structures, including various unsecured bond products, covered bonds (Pfandbriefe), eligible mortgage loans, subsidised KfW-loans and classic loans granted by banks as well as innovative funding sources, such as insurance companies and pension funds (Versorgungswerke). Counterparts in these transactions are a variety of global and local debt lenders, including commercial banks, covered bond banks (Pfandbriefbanken), local saving banks (Sparkassen) and insurance companies.

Property valuation The property valuation team assesses the fair value of Deutsche Annington's properties on an annual basis with quarterly updates. For that purpose the team collects, processes and assures the quality of relevant market data. Furthermore, the local regional managers provide detailed and specific information regarding the individual residential units, which is collected, processed and stored by the property valuation team. Changes relevant for valuation purposes are adapted and reflected in the internal valuations. The valuation processes and results are examined and checked by the Group's external auditor. In addition, the property valuation team is responsible for the management of external property valuations conducted by third parties (e.g. banks and real property appraisers).

Legal & human resources

Legal The Group's legal functions consist of an in-house legal team with 11 lawyers, which handles large parts of the Group's legal work and supervises third-party legal service providers.

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Human resources The Group's human resources department is responsible for hiring and integrating new employees and the development of existing employees.

Human Resources Development. Deutsche Annington offers a wide range of training programmes for its staff. These are designed to maintain and improve the quality of the Group's services and particularly include special communication training for the staff at the customer centre. Furthermore, Deutsche Annington gives high-potential employees at all levels numerous opportunities to develop their personal skills and professional competencies. The possibilities range from targeted individual programmes, including the Annington Summer School, to training courses and the participation in network programmes.

These efforts have been met with outside recognition. In 2012, the Group's human resources team won the employer award "Best Apprentice Training Company" (AGV Wohnungswirtschaft), the ABSOLVENTA prize of the nationwide distributed newspaper Süddeutsche Zeitung in the category trainee programmes and the silver human resources award of the Federal Association of HR-Managers (Bundesverband der Personalmanager) and Süddeutsche Zeitung for Deutsche Annington's education programme "Annington Summer School".

Health & Social Affairs Department. The Health & Social Affairs department, which was established in 2012, is responsible for active health and social management. All measures intended to promote health-conscious behaviour are pooled under the title Balance Body & Mind. Deutsche Annington is also a member of the network "Success Factor Family", which aims to facilitate the reconciliation of work and family life in Germany.

Information technology The Group's IT department operates Germany's largest SAP-based real estate information system which is, to the Group's knowledge, the only "SAP Customer Centre of Expertise (CCoE)" for real estate worldwide. The Group's IT system facilitates the integration of other IT systems used by acquired companies.

Deutsche Annington runs an online portal for prospective tenants with appointment options and runs an up-to-date customer relationship management system. It also employs system-guided identification tools for prospects and customer quality. The systematic use of high tech equipment such as tablets, digital pens and handwriting recognition facilitates more efficient viewing appointments.

Deutsche Annington believes that it runs a technologically advanced and highly integrated IT platform which assures highly efficient mass processes. These IT processes are inextricably linked to Deutsche Annington's almost fully automated letting activities, e.g. once a termination notice goes into the system, other processes are automatically activated, including automatic advertisements on real estate websites. This way, Deutsche Annington handles approximately two million flat huntings and approximately 64,000 viewing appointments leading to more than 21,000 lettings per year. The advanced IT support allows Deutsche Annington to further offer available apartments for letting within one day and to start a rental on any given day.

Other functions Deutsche Annington's other corporate functions include accounting, investor relations, communications, controlling, insurance, tax and internal audit.

Employees

Headcount The following table provides a breakdown of the number of Group employees, in terms of headcount and in terms of full-time equivalents, for the periods presented (in each case as of the end of period). Since the end of fiscal year 2013, employee numbers have been calculated based on a different calculation method as had previously been the case. The comparative data for 2012 was restated accordingly. In addition, the present calculation method includes several categories of employees such as employees on a fixed-term mini job contract, students, interns, temporary

271 personnel and persons on permanent sick leave in the headcount that were not counted under the former calculation method. Members of the Management and Supervisory Boards are not counted under the present calculation method. Overall, the change in the calculation method has led to significantly higher employee numbers.

As of 31 December 2014 2013 Full-time Head- Full-time Head-count equivalents count equivalents Total ...... 3,850*) 3,662.4**) 2,935*) 2,811.1**)

Notes: (*) Audited. (**) Taken or derived from the Guarantor's accounting records or internal management reporting systems, respectively.

As of the date of this Prospectus, the total headcount amounted to around 3,982 and the total number of FTEs increased to around 3,784.3.

In order to implement its insourcing initiatives, the Group sharply increased its headcount beginning in late fiscal year 2011, which led to a corresponding increase in personnel expenses in fiscal years 2013 and 2014. This increase was mainly attributable to the local caretaker and craftsmen organisations which were set up in fiscal year 2011. In light of the Group's strategy to expand the scope of services provided by its craftsmen organisations, the headcount of the craftsmen organisation is expected to increase further in coming years.

Compensation Employees' efforts to contribute to Deutsche Annington's success are, depending on their position at Deutsche Annington, reflected in their compensation. The remuneration of the first two employee levels below the Management Board contains three different components: a fixed payment, a variable payment based on a short- term incentive programme ("STIP") and, in certain cases, a variable payment based on a long-term incentive plan ("LTIP"). The STIP and LTIP payments depend on meeting individual targets and company performance goals and the LTIP, additionally, on the stock price of Deutsche Annington Immobilien SE. The remuneration of the third employee level below the Management Board consists of two components, a fixed payment and a variable payment based on the STIP.

For non-pay-scale employees, there is also a fringe benefit package, which covers special benefits, including, in certain cases, a company car.

Approximately half of the employees participate in the Group's business success up to a maximum amount of EUR 1,600 due to the group works agreement "employee profit-sharing" (Arbeitnehmererfolgsbeteiligung). The calculation was based on FFO I, in the year 2014.

Furthermore, the Group has set up a special stock programme for all of its employees unless they are employed by a TGS company.

As of 31 December 2014, the average annual remuneration per employee was EUR 36,871 (gross).

Pensions In the past, Deutsche Annington and its predecessor companies (including the Vitus group) made pension commitments to their employees and built up provisions for these commitments. The corresponding pension plans were discontinued gradually until 2003. Currently, only a deferred compensation plan has continued in its 2003 form. Since 2003, pension commitments financed through such pension provisions are only made to non-pay-scale employees by way of deferred compensation.

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As of 31 December 2014, Deutsche Annington serviced a total of 2,234 commitments, of which, however, only 274 related to current employees. The remaining commitments related to 1,960 former employees, 1,417 of which had already received pensions as of 31 December 2014, and did not include 245 commitments for which a former subsidiary, Raab Karcher Baustoffe, has assumed joint liability (Schuldbeitritt). The settlement and performance of these commitments was assumed by Raab Karcher Baustoffe's acquirer, the Saint-Gobain Group. Nonetheless, these commitments are accounted for on the Guarantor's balance sheet.

As of 31 December 2014, the defined benefit obligation ("DBO") for commitments of pensions amounted to EUR 378.2 million, of which EUR 15.8 million referred to commitments to current and former members of the Management Board. The DBO was calculated by using the discount rate of 1.9 per cent. Recognised provisions after off-setting against the plan assets amounted to EUR 360.9 million as of 31 December 2014. No pension provisions are recognised for members of the Supervisory Board.

Since 2003, employer funded commitments of pension are only offered through external service providers. Such plans included, in the case of the Group, a reinsured support fund (rückgedeckte Unterstützungskasse) with salary based premiums and, in the case of Viterra AG, a fixed premium paid to a pension fund with a monthly contribution amounting to EUR 51 for full time employees. Following the acquisition of Viterra AG in 2005, this arrangement has applied to the entire Group since 2007, but extends only to pay scale employees. Since 2007, non- pay scale employees can only acquire entitlements to a company pension under the model "pension benefits instead of cash". As of 31 December 2014, 260 current and former employees were entitled to commitments amounting to EUR 47.7 million under this plan.

Intellectual property, trademarks and domains Deutsche Annington does not hold any patents. The following trademarks are currently registered in favour of the Group at the German Patent and Trademark Office in Munich:

• a word/mark logo "DEUTSCHE ANNINGTON IMMOBILIEN GMBH", registered on 10 April 2002;

• a word logo "DAIG", registered on 2 April 2002;

• a word logo "Schön hier zu wohnen. Deutsche Annington", registered on 7 January 2004;

• a word/mark logo "DEUTSCHE ANNINGTON", registered on 22 September 2004;

• a word logo "Annington Wohnen Plus", registered on 30 July 2008;

• a word logo "Deutsche TGS", registered on 7 October 2011;

• a word/mark logo "Deutsche Wohn-Inkasso GmbH", registered on 2 November 2011; and

• a word/mark logo "lotal", registered on 4 April 2014.

The Group's most significant internet domain is: http://www.deutsche-annington.com.

Apart from the intellectual property rights mentioned above, and not taking into consideration the Group's information technology systems, Deutsche Annington holds no significant intellectual property rights and does not depend on patents or license materials for conducting its business.

Insurance coverage Deutsche Annington has purchased various operating insurance policies, which include, among others: business and environmental liability coverage, electronic data processing equipment insurance, motor vehicle insurance, General Equal Treatment Act insurance, employee accident insurance, employee fraud insurance, and property damage and third-party liability insurance, that covers fire, lightning and explosion, water damage, damage from

273 storms and hail, natural hazards including, e.g. floods and earthquakes, broken glass and vandalism as well as statutory liability as a property owner.

Deutsche Annington has taken out a directors and officers ("D&O") insurance policy for the members of its Management and Supervisory Boards and managing directors, and the equivalent corporate bodies of its significant subsidiaries, with a total coverage of up to EUR 100 million annually and per claim; the D&O insurance policy was entered into with a consortium of three insurance companies. The D&O insurance contracts provide for a deductible for all of the Management Board and Supervisory Board members in line with the respective provisions of the German Stock Corporation Act (Aktiengesetz). The D&O insurance policies cover financial losses arising from a breach of duty by Management Board and Supervisory Board members in the course of their duties.

Legal proceedings During the ordinary course of its business activities, Deutsche Annington is regularly involved in legal proceedings, both as a claimant and as a defendant. These proceedings are routine matters of tenancy and other laws, and do not have a significant impact on the Group's business.

The Group companies are not and were not party to any governmental, legal or arbitration proceedings (including any pending or threatened proceedings) during the previous 12 months, which may have, or have had, significant effects on the Guarantor's or the Group's financial position or profitability.

As of the date of this Prospectus, there are no legal and regulatory proceedings and claims pending that Deutsche Annington currently believes could have a material adverse effect on its business, net assets, financial condition, cash flow, or results of operations.

Markets and Competition

Markets The Group's business activities are influenced by numerous demographic, economic and political factors. Given Deutsche Annington's involvement in the real estate sector, developments in and related to the residential property market in Germany affect the Group, particularly in the five geographical regions – North Rhine Westphalia, Hesse, Schleswig-Holstein, Bavaria and Berlin – where Deutsche Annington has the largest portfolio exposure. The residential property market environment significantly impacts the future development of housing prices, rent levels, turnover and vacancy rates, as well as home ownership rates.

Germany In 2014, Germany had an estimated population of 81.1 million, as of the end of 2014, a gross domestic product ("GDP") of approximately EUR 2.9 trillion and a price-adjusted growth rate of GDP of 1.6 per cent. (Sources: Federal Statistical Office, Press Release 024/2015-01-21 and Federal Statistical Office, Press Release 048/2015- 02-13). As of 2013 Germany was both the most populous and economically productive country in the European Union (Source: Eurostat Database).

Demographic trends Germany is undergoing three fundamental demographic changes: (i) a long-term population decline, (ii) an increase in the number of households coupled with a reduction in average household size, and (iii) an aging population.

Germany's population has been declining steadily for over a decade. Between 2000 and 2010 its population declined by approximately 0.8 per cent.. Projections forecast a continuation of this trend, and predict that the population will decrease by an additional 2.0 per cent. between 2010 and 2025 (Source: BBSR – Regional Planning 2030).

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Contrary to the predicted long-term population decline, Germany's population increased in 2014 for the fourth year in a row. The increase is largely attributable to Germany's strong migration surplus (Source: Federal Statistical Office, Press Release 024/2015 01 21). Furthermore, the number of households in Germany has increased over the past few years. In 2013, there were 39.9 million households in Germany, up from 39.7 million in 2012 and 39.5 million in 2011. This represents an increase of 1.1 per cent. over the past two years (Source: Federal Statistical Office, Genesis Online Database, Households & families). The growth in the number of households is expected to continue and the number of households is forecast to increase by 2.9 per cent. between 2010 and 2025 (Source: BBSR – Regional Planning 2030). In 2013, the average household size for households in Germany remained stable at 2.02 persons, the same as 2012 (Source: Federal Statistical Office, Households (12211-0100)). The average household size is reflected in an increase in the number of one- and two-person households (which are expected to increase by 8.9 per cent. between 2010 and 2025), and a decrease in three and four or more-person households. The number of single-person households in Germany rose by a total of 16.8 per cent. (two-person households: 6.9 per cent.) between 2000 and 2010, and it is forecast to grow by an additional 7.3 per cent. (two-person households: 10.9 per cent.) between 2010 and 2025 (Source: BBSR – Regional Planning 2030). With an increase of 0.6 per cent. in 2013, two-person households showed strong growth, that was exceeded only by the 1.2 per cent. increase in single-person households during the same period. In 2013, the number of households with three and four- persons fell by 0.1 per cent. and 1.4 per cent. respectively; households with five or more persons remained stable. These trends are expected to continue. As a result, the average household size is projected to fall below 2.00 by as early as 2015 and is expected to decrease to a level of 1.88 by 2030 (Source: Federal Statistical Office, Population).

The population of many developed nations, particularly those in Europe, is gradually undergoing a demographic transition with respect to the age of the population. Of all European countries, this trend is most pronounced in Germany (Source: Federal Statistical Office, Report on Older People in Germany and the EU 2011). From 1990 to and including 2009, the number of persons aged 65 and older increased by 41.9 per cent. in Germany (Source: Federal Statistical Office, Report on Older People in Germany and the EU 2011). As of 2013, more than a fifth of Germany's population (20.7 per cent.) was 65 or older. The EU average was 18.2 per cent. for the same time period (Source: Eurostat Database). Forecasts project that this percentage will exceed 25.0 per cent. by 2040 (Source: Pestel Institut, Demand for Senior Citizen Housing in Germany) and reach 34.0 per cent. by 2060 in Germany (Source: Federal Statistical Office, Report on Older People in Germany and the EU 2011). In 2009, almost every third household included a person aged 65 or older (Source: Federal Statistical Office, Report on Older People in Germany and the EU 2011), and other forecasts suggest that approximately 10 million households in Germany will include a person aged 70 or older by 2025 (Source: Pestel Institut, Demand for Senior Citizen Housing in Germany).

Provided that these three aforementioned demographic trends continue as predicted, the demand for housing in general, and for apartments suitable for senior living more specifically, will continue to grow. Particularly, residential units suitable for one- or two-person households and/or for senior citizens will be in high demand in the future. Estimates place the demand for accessible housing at 2 million residential units in 2025. Currently 400,000 to 500,000 such residential units exist, meaning that an average of approximately 100,000 such residential units must be built per year (either newly constructed or created through modernisation) if the aforementioned demand is to be met (Source: Pestel Institut, Demand for Senior Citizen Housing in Germany).

Gross Domestic Product and Economic Growth Developments Following the sharp 5.6 percentage point drop in price-adjusted GDP in 2009, the German economy not only stabilised, but also recovered in recent years. Price-adjusted GDP increased by 4.1 per cent. in 2010, by 3.6 per cent. in 2011, by 0.4 per cent. in 2012, by 0.1 per cent. in 2013 and by 1.5 per cent. in 2014 (Sources: Federal Statistical Office, Press Release 016/2015-01-15 – Additional Material and Federal Statistical Office, Press Release 048/2015-02-13 ). In 2014, the German economy saw a GDP increase of 1.5 per cent. – after price, seasonal and calendar adjustments – with respect to the previous year. The primary reason for this was an increase

275 in the final consumption expenditure. Household expenditure increased by 1.2 per cent. in 2014, while government consumption expenditure increased by 1.1 per cent.. Additionally, the price-adjusted gross value added by the construction industry increased considerably by 3.7 per cent. in 2014 (Sources: Federal Statistical Office, Press Release 016/2015-01-15 and Federal Statistical Office, Press Release 061/2015-02-24). The German economy is in good condition primarily due to record employment levels and labour market trends that have led to noticeable wage increases. As of January 2015, the German Federal Government estimated that the German GDP will grow by 1.5 per cent during 2015 and the IMF projected growth of 1.3 per cent. in 2015 (Sources: Federal Ministry for Economic Affairs and Energy, Annual Economic Report 2015 and IMF, World Economic Outlook January 2015). The European Economic Forecast estimates that the price-adjusted GDP growth of Germany was 1.5 per cent and the price-adjusted GDP growth of the European Union was 1.3 per cent. in 2014 and revised its forecast for 2015 upwards from 1.1 per cent. to 1.5 per cent. for Germany and from 1.5 per cent. to 1.7 per cent. for the European Union. (Sources: European Economic Forecast Autumn 2014 and European Economic Forecast Winter 2015).

Employment and Purchasing Power The steady economic growth in Germany is further reflected in the consistently low unemployment rate and the simultaneous increases in disposable income, consumption expenditure and purchasing power per capita. In 2014, 2.90 million people were unemployed in Germany, resulting in an average unemployment rate of 6.7 per cent., down 0.2 percentage points from the prior year and down 0.1 percentage points when compared to 2012 (Source: German Federal Employment Agency, Monthly Report December 2014). In 2015, the overall per capita purchasing power is projected to be EUR 21,449 and EUR 43,784 per household, up from EUR 21,179 and EUR 43,275 per household in 2014 and EUR 20,621 per capita and EUR 42,305 per household in 2013 (Source: GfK Kaufkraft – Purchasing Power Germany 2013, GfK Kaufkraft – Purchasing Power Germany 2014 and GfK Kaufkraft – Purchasing Power Germany 2015).

Consumer Price Developments In 2014, the annual average consumer price index ("CPI") in Germany was up 0.9 per cent. from the average CPI in 2013. A major factor underlying the year-on-year rate of price increase in 2014 was the decline in energy prices, down 2.1 per cent., and the low inflation rates during the second half of the year also contributed to the moderate year-on-year price increase. Food prices rose 1.0 per cent., while the general price increase for goods altogether only rose 0.2 per cent.. Service prices increased 1.6 per cent.. Net cold rents increased by 1.5 per cent. and household energy prices fell by 0.9 per cent. (driven particularly by a drop in heating oil prices of 7.8 per cent., while the price for gas remained stable with -0.1 per cent. and electricity prices increased by 1.9 per cent.) on average in 2014 when compared to 2013 (Source: Federal Statistical Office, Press Release 017/2015-01-16).

An Overview of the German Housing Market Due to high employment, low interest rates, immigration, supply shortages, current valuations, conservative banks and borrowers and low loan losses, the German real estate market remains attractive (Source: Deutsche Bank, Outlook for Germany). The real estate and housing market is relevant for the German economy (that is the German GDP) and for the population of the country. The real estate and housing market, called "Real Estate Activities (Grundstücks- und Wohnungswesen)" in the domestic product calculation of the National Accounts of important economic indicators, amounted to EUR 289.6 billion, or a share of 10.0 per cent. of Germany's total GDP, in 2014 (Source: Federal Statistical Office, National Accounts).

Real estate related spending comprises the largest portion of a household's expenditure. When last measured in 2012, German households spent an average of EUR 796, or 34.5 per cent., of their monthly consumption expenditure on housing, energy, and maintenance of their dwelling (Source: Federal Statistical Office, Society & State – Consumption Expenditure). The national average net cold rent (excluding heating expenses) of occupied residential units in buildings (excluding dormitories) was last measured to amount to EUR 5.43 per sqm per month in 2010 (Source: Federal Statistical Office, Building and Housing).

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Housing in Germany is not only seen as an economic market segment but also as a social good to which each individual is entitled. It therefore has a special standing in terms of attention from and treatment by public administrators, which in turn explains the long history of subsidised construction and housing in Germany (Source: Enquete Report). Furthermore, the German housing market is – for historical, economic and socio-cultural reasons - biased towards the rental segment (as demonstrated by the graph below, which shows the owner occupancy rate of residential units as percentages of all residential units).

(Source: ifs Report)

Germany's sophisticated rental market and real estate finance translates into low volatility and high stability, and renders the German housing market disconnected from broader economic fluctuations. (Source: MPRA Paper No. 43315). Although rents, prices and incomes in many places no longer rise in unison, there is still no threat of oversupply of residential units or an inflation of the volume of housing loans. Nonetheless, caution is advisable, as the bubble index now characterises five of the twelve largest German cities as "moderately high" risk (up from two cities during 2013 and no cities three years ago) and only three cities are deemed to have "no" risk. (Source: empirica-bubble-index).

In Germany, demand for housing, a measure that is based on a quantitative analysis drawing on population and household growth forecasts (housing required in the future measured in terms of floor space) and then quantifies to what extent the current construction supply can keep pace with the required housing demand, has been projected to increase by 6.0 per cent. by 2025 from 2010 levels (Source: BBSR – Residential Market Prediction 2025). With an average owner occupier rate of 45.9 per cent. in 2011, the housing market in Germany is predominantly a rental market (Source: Federal Statistical Office, Housing).

Rising rents and falling vacancy rates also bear witness to the aforementioned stability of and the consistent demand in the rental market. The average vacancy rate was 4.5 per cent. as of 31 December 2013, 4.7 per cent. as of December 2012 and 5.0 per cent. as of December 2011. Simultaneously, the monthly in-place rent per sqm in Germany rose from EUR 5.04 in December 2012 to EUR 5.15 in December 2013 for GdW-organised landlords (Source: GdW, Data and Trends and GdW Annual Statistics 2013). According to the Federal Statistical Office, net cold rents increased by 1.2 per cent. in 2012, 1.3 per cent. in 2013 and 1.5 per cent. in 2014 (Source: Federal Statistical Office, Consumer Price Index for Germany and Federal Statistical Office, Press Release 017/2015-01- 16).

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Another strong indicator for the low volatility and general stability of the rental segment is the comparably high average tenancy length in Germany of approximately 12 years, far ahead of other European markets like France or the United Kingdom (as demonstrated by the graph below).

(Sources: Schader Stiftung (Germany Data), Clameur (France Data) and ARLA (UK Data))

In 2013, there were approximately 41.0 million apartments and 18.5 million residential buildings in Germany, which together provided a total of 3.7 billion sqm in living space. In 2013, tenant households had an average floor space of 69.4 sqm and owner households had an average floor space of 121.9 sqm (Source: Federal Statistical Office, Housing). Permits issued for the construction of residential units (including permits for renovation of existing units) have increased by 13.0 per cent. from 241,090 in 2012 to 272,433 in 2013. Simultaneously, the number of completed residential units increased by approximately 7.2 per cent. from 200,466 in 2012 to 214,817 as last measured in 2013. The same trends also held true for buildings. The number of permits for the construction of buildings (residential and other) increased by 2.1 per cent. from 208,923 in 2012 to 213,362 in 2013, while the number of completed buildings (residential and other) increased by 2.7 per cent. from 189,143 in 2012 to 194,277 as last measured in 2013. As a result, 29.7 million sqm of living area was approved for construction in 2013 (Source: Federal Statistical Office, Construction).

New housing construction, especially in the low-cost segment is characterised by a disequilibrium between supply and demand, which results in less attractive yields for new construction compared to rents in existing buildings. Currently, there are signs of housing market shortages in a growing number of cities and regions. Driven by a construction supply too low for the sustainable development of the market, prices have increased at a faster rate than rents in recent years (Sources: BMVBS Report on Residential and Construction Market 2011/2012, Federal Statistical Office, Consumer Price Index for Germany and Federal Statistical Office, Genesis Online Database, Prices). There is an estimated deficit of 250,000 housing units in Germany, particularly concentrated in large cities, metropolitan areas and university towns and an estimated demand for at least one million new housing units over the next four years (Sources: Deutsche Mieterbund Press release 2012-12-06, Deutsche Mieterbund Press release 2013-05-22 and BBSR – Housing Shortages in Densely Populated Areas). In 2014, prices for new apartments were higher than prices for existing apartments, while the difference between the respective rents was less distinct. (Source: IVD Residential Price Overview). This represents a continuation of a trend that new apartments tend to yield significantly lower returns: e.g. in 2011, yields for existing apartments with average residential value and

278 built until 1948 were at 5.5 per cent., those for apartments built since 1949 at 6.1 per cent., while rental yields for new apartments with average residential value were at only 4.6 per cent. (Source: IVD Bundesverband Research – Development of rental yields in Germany between 2001 and 2011).

Overview of the German Federal States Most Relevant to Deutsche Annington's Portfolio The Group's primary regional focus is on the Ruhr and Rhine Main areas, in addition to southwest Germany (specifically Bavaria and Baden-Wuerttemberg), north Germany (specifically Kiel and Bremen) and Berlin. Approximately 96 per cent. of the Group's housing portfolio in terms of units is located in former West Germany including Berlin. The portfolio is split among Germany's federal states as follows:

The Group's Residential Portfolio split Among Federal State as of 31 December 2014 (by number of units and fair value)

More precisely, as of 31 December 2014, 94,961 residential units, or 47 per cent. of the Group's housing portfolio (in terms of units), were located in North Rhine Westphalia, 22,487 residential units, or 11 per cent. were located in Hesse, 19,772 residential units, or 10 per cent., were located in Schleswig-Holstein, 16,517 residential units, or 8 per cent., were located in Bavaria and 13,579 residential units, or 7 per cent., were located in Berlin. As such, market developments in the housing market of these five federal states, in which a total of about 82 per cent. of the Group's properties are located, have the greatest impact on, and are the most relevant to, the Group's business activities.

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Housing Trends in North Rhine Westphalia With 3.8 million residential buildings, 8.8 million residential units, and 793.6 million sqm of floor space as of 31 December 2013, North Rhine Westphalia was the federal state with the most residential units (Source: IT.NRW, Building and Housing Stock and Federal Statistical Office, Construction Activity and Residential Units). According to Census 2011 data, the residential units in North Rhine Westphalia had an owner-occupier rate of 42.9 per cent. (Source: Federal Statistical Office, Housing). Much like Germany as a whole, vacancy rates in North Rhine Westphalia decreased over the course of the past few years. The vacancy rate as of 31 December 2013 was 3.0 per cent., down from 3.2 per cent. as of 31 December 2012 and 3.7 per cent. as of 31 December 2011 (Source: GdW, Data and Trends and GdW Annual Statistics 2013).

In recent years, rents in North Rhine Westphalia increased by a compound annual growth rate of 1.6 per cent. between 2011 and 2014 (Source: Federal Statistical Office, Index of Net Cold Rents). The average monthly net cold in-place rent for residential units of GdW-organised landlords was EUR 5.09 per sqm in December 2013, up from EUR 4.99 per sqm in December 2012 (Source: GdW, Data and Trends). Compared to the prior year, average asking rents, measured between April 2013 and March 2014, rose or remained stable in 53 of the 54 housing market regions in North Rhine Westphalia, and in comparison to 2009, average asking rents in 2013 have increased in 51 of the 54 housing market regions in North Rhine Westphalia (Source: Housing Market Report NRW 2014). Generally, across all quality categories and locations, average asking rents, measured between 2013 and 2014, rose by EUR 0.10 to EUR 6.15 per sqm compared to the prior year. In 2014, average asking rents ranged from EUR 4.30 (for apartments in the lower market segment) to EUR 11.43 per sqm (for apartments in the upper market segment) in North Rhine Westphalia, with the gap between the high and low rent locations remaining stable. On average, households spent 18.7 per cent., down from 18.9 per cent. in the prior year, of their average monthly purchasing power on rent (including heating. (Sources: Housing Market Report NRW 2013 and Housing Market Report NRW 2014).

It is expected that the number of North Rhine Westphalian households, with an income earner 70 years or older, will rise to 2,129,375 in 2025 (an approximate 21.5 per cent. increase compared to 2008). As a result, the additional demand for residential units suitable to needs of the elderly is expected to amount to 425,875 residential units by 2025 (Source: Pestel Institut, Demand for Senior Citizen Housing in Germany).

The demand for one- or two-family houses in terms of floor space could increase by 13.1 per cent. between 2010 and 2025, which translates into a total demand for 29,532 units in newly constructed one- or two-family houses per year. During the same period, the demand (quantified in terms of floor space) for multi-family houses could rise by 2.6 per cent., which corresponds to 16,598 units in newly constructed multi-family houses per year (Source: BBSR – Residential Market Prediction 2025).

Consistent with the national increase in issued permits for units in recent years, the number of permits issued for the construction of residential units (including the renovation of existing residential units) increased by 24.0 per cent. to 49,586 in 2013 compared to 2012 (Source: Federal Statistical Office, Building Permits and Completed Buildings). These permits primarily relate to the construction of new buildings. A total of 39,161 residential units were completed as last reported for 2013, marking an increase of 5.2 per cent. in the number of completed residential units compared to 2012 and resulting in approximately 4.4 million sqm of living area (when taking into account construction of new buildings and modernisation of existing buildings) (Sources: Federal Statistical Office, Building Permits and Completed Buildings and Federal Statistical Office, Construction). Many of the constructed residential units are intended for owner occupancy, and are thus of limited benefit to current and future tenants. An analysis of purchase prices has shown that a significant proportion of the newly constructed housing is designed for households with a high purchasing power (Source: Housing Market Report NRW 2012).

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Housing Trends in Hesse With a total of 1.36 million residential buildings and 2.95 million residential units as of 31 December 2013, Hesse had the fifth largest housing stock of German federal states (Source: Federal Statistical Office, Construction Activity and Residential Units). Hesse is predominantly a rental market; the state had an owner occupier rate of 48.9 per cent. in 2011 (Source: Federal Statistical Office, Housing).

Demand for housing in Hesse is also high. This is reflected in the state's consistently low vacancy rate, which measured 1.8 per cent. as of 31 December 2013, 1.7 per cent. as of 31 December 2012 and 2.1 per cent. as of 31 December 2011 (Source: GdW, Data and Trends and GdW Annual Statistics 2013). Given the high demand for housing in Hesse, the monthly in-place rent of EUR 5.63 per sqm in December 2013 (up from EUR 5.49 in December 2012) for GdW-organised landlords was third only to Hamburg and Baden-Wuerttemberg in the ranking of German federal states (Source: GdW, Data and Trends and GdW Annual Statistics 2013). Rent increased by a compound annual growth rate of 1.5 per cent. between 2011 and 2014 (Source: Federal Statistical Office, Index of Net Cold Rents).

It is expected that the number of households in Hesse, with an income earner 70 years or older, will rise to 720,479 in 2025, marking an increase of approximately 27.0 per cent. when compared to 2008. As a result, the demand for residential units suited to needs of the elderly is expected to amount to 144,095 residential units by 2025 (Source: Pestel Institut, Demand for Senior Citizen Housing in Germany).

The demand for one- or two-family houses in terms of floor space could increase by 11.3 per cent. between 2010 and 2025, which translates into a total demand for 10,642 units in newly constructed one- or two-family houses per year. During the same period, the demand (quantified in terms of floor space) for multi-family houses could rise by 10.9 per cent., which corresponds to 11,004 newly constructed units in multi-family houses per year (Source: BBSR – Residential Market Prediction 2025).

As a result, construction has been widespread and active. As last recorded in 2013, 13,945 residential units and 8,521 residential buildings were completed (when taking into account the construction of new buildings and modernisation of existing buildings), which represents an increase of 14.7 per cent. for residential units and 2.6 per cent. for residential buildings when compared to 2012. This trend is expected to continue, as 20,194 permits for residential units (10,329 permits for residential buildings) were issued in 2013, representing an increase of 20.1 per cent. (2.4 per cent. for residential buildings) with respect to 2012 (Sources: Federal Statistical Office, Construction and Federal Statistical Office, Building Permits and Completed Buildings).

Housing Trends in Bavaria With a total of 2.95 million residential buildings and 6.16 million residential units as of 31 December 2013, Bavaria had the second highest number of residential units of the German federal states (Source: Federal Statistical Office, Construction Activity and Residential Units). The state had an owner occupier rate of 51.0% in 2011 (Source: Federal Statistical Office, Housing).

Demand for housing in Bavaria is amongst the highest in Germany. This is reflected in the state's low vacancy rates of 2.1 per cent. as of 31 December 2013, 2.0 per cent. as of 31 December 2012 and 2.2 per cent. as of 31 December 2011 (Source: GdW, Data and Trends and GdW Annual Statistics 2013). As a result of the high demand for housing in Bavaria, the monthly in-place rent of EUR 5.49 per sqm for GdW-organised landlords (up from EUR 5.28 in December 2012) was the fourth highest in the country in December 2013 (Source: GdW, Data and Trends and GdW Annual Statistics 2013). Rent increased by a compound annual growth rate of 1.4 per cent. between 2011 and 2014 (Source: Federal Statistical Office, Index of Net Cold Rents).

It is expected that the number of Bavarian households, with an income earner 70 years or older, will rise to 1,438,353 in 2025 (an approximate 27.0 per cent. increase compared to 2008). As a result, the demand for

281 residential units suited to needs of the elderly is expected to amount to 287,674 residential units by 2025 (Source: Pestel Institut, Demand for Senior Citizen Housing in Germany).

The demand for one- or two-family houses in terms of floor space could increase by 15.9 per cent. between 2010 and 2025, which translates into a total demand for 29,233 units in newly constructed one- or two-family houses per year. During the same period, the demand (quantified in terms of floor space) for multi-family houses could rise by 7.2 per cent., which corresponds to 19,834 units in newly constructed multi-family houses per year (Source: BBSR – Residential Market Prediction 2025).

Construction activity was widespread and active – Bavaria is the federal state with the most completed residential units and the most permits for the construction of residential units. In 2013, 47,059 residential units and 30,565 residential buildings were completed, marking an increase of 14.4 per cent. for residential units and 8.9 per cent. for buildings from 2012 levels. These trends are expected to continue as 55,972 permits for residential units and 34,012 permits for residential buildings were issued in 2013, which represents an increase of 5.7 per cent. and an increase of 4.5% from 2012 levels, respectively (Sources: Federal Statistical Office, Building Permits and Completed Buildings and Federal Statistical Office, Construction).

Housing Trends in Berlin Berlin had a total of 0.3 million residential buildings and 1.9 million residential units as of 31 December 2013 (Source: Statistical Office of Berlin-Brandenburg, Yearbook 2014). Berlin only had an owner-occupier rate of 15.6 per cent. in 2011 (Source: Federal Statistical Office, Housing).

Demand for housing in Berlin is high. This is reflected in the state's consistently low vacancy rate, which measured 2.1 per cent. as of 31 December 2013, down from 2.4 per cent. as of 31 December 2012 and 2.7 per cent. as of 31 December 2011 (Source: GdW, Data and Trends and GdW Annual Statistics 2013). Given the high demand for housing in Berlin, the monthly in-place rent for GdW-organised landlords was EUR 5.28 per sqm in December 2013, up from EUR 5.15 in December 2012 (Source: GdW, Data and Trends and GdW Annual Statistics 2013). In accordance with the overall upward trend of rent-levels in Germany, rent increased by a compound annual growth rate of 2.0 per cent. between 2011 and 2014 (Source: Federal Statistical Office, Index of Net Cold Rents).

Despite the growing demand for housing and clear signs of shortage, Berlin still has the most relaxed housing market of Germany's seven largest cities. Overall, median asking rent, as measured during the first three quarters of 2014, rose to EUR 8.55 sqm per month. This marked a 6.6 per cent. increase compared to the same period of the previous year. Average median asking rents ranged from approximately EUR 5.50 per sqm per month (for apartments in the lower market segment) to EUR 15.05 per sqm per month (for apartments in the upper market segment). This marked an increase of 8.5 per cent. in the lower market segment and 2.6 per cent. in the upper market segment from 2013. Households spent 26.4 per cent. of monthly purchasing power on rent (including heating) in 2014 (Source: CBRE Berlin Hyp Housing Market Report with Housing Cost Atlas 2015).

It is expected that the number of households in Berlin, with an income earner 70 years or older, will rise to 436,594 in 2025 (an approximate 48.3 per cent. increase compared to 2008). As a result, the demand for residential units suited to needs of the elderly is expected to amount to 87,319 residential units by 2025 (Source: Pestel Institut, Demand for Senior Citizen Housing in Germany).

The demand for one- or two-family houses in terms of floor space could increase by 15.1 per cent. between 2010 and 2025, which translates into a total demand for 1,530 units in newly constructed one- or two-family houses per year. During the same period, the demand for multi-family houses could rise by 13.3 per cent., which corresponds to 14,146 units in newly constructed multi-family houses per year (Source: BBSR – Residential Market Prediction 2025).

Construction is striving to meet the growing demand for housing in Berlin: 22.6 per cent. more residential units and 0.8 per cent. more residential buildings were completed in 2013 than in 2012. However, in absolute terms the

282 number of completed buildings and units were still relatively low. In 2013, 6,641 residential units and 2,823 residential buildings were completed. The number of permits issued indicate that construction will increase further, as 12,518 permits for residential units were issued in 2013, up 25.9 per cent. from 9,941 permits issued in 2012 (Sources: Federal Statistical Office, Construction and Federal Statistical Office, Building Permits and Completed Buildings).

Housing Trends in Schleswig-Holstein Schleswig-Holstein had a total of 0.79 million residential buildings, 1.4 million residential units and 133.5 million sqm of floor space as last reported for 2013, making it the ninth largest state for number of residential units in Germany (Source: Federal Statistical Office, Construction Activity and Residential Units). Schleswig-Holstein is largely a rental market; the state had an owner occupier rate of 50.5 per cent. in 2011 (Source: Federal Statistical Office, Housing).

Demand for housing in Schleswig-Holstein is also high. This is reflected in the state's low vacancy rate, which measured 2.6 per cent. as of December 2013, 2.9 per cent. as of December 2012 and 2.4 per cent. as of December 2011 (Source: GdW, Data and Trends and GdW Annual Statistics 2013). The monthly in-place rent for GDW- organised landlords was EUR 5.22 per sqm in December 2013, almost stable compared to EUR 5.24 in December 2012 and up from EUR 5.17 in December (Source: GdW, Data and Trends and GdW Annual Statistics 2013).

It is expected that the number of households in Schleswig-Holstein, with an income earner 70 years or older, will rise to 352,606 in 2025, marking an increase of approximately 29.2 per cent. when compared to 2008. As a result, the demand for residential units suited to needs of the elderly is expected to amount to 70,521 residential units by 2025 (Source: Pestel Institut, Demand for Senior Citizen Housing in Germany).

The demand for one- or two-family houses in terms of floor space could increase by 16.5 per cent. between 2010 and 2025, which translates into a total demand for 7,919 units in newly constructed one- or two-family houses per year. During the same period, the demand (quantified in terms of floor space) for multi-family houses could rise by 1.0 per cent., which corresponds to 2,000 newly constructed units in multi-family houses per year (Source: BBSR – Residential Market Prediction 2025).

As a result, construction has been active. As last recorded in 2013, 8,245 residential units and 6,674 residential buildings were completed (when taking into account the construction of new buildings and modernisation of existing buildings), which represents a slight decrease of 1.6 per cent. for residential units and 1.0 per cent. for residential buildings compared to 2012. This trend could reverse, as 12,089 permits for residential units (8,081 permits for residential buildings), including construction on already existing units, were issued in 2013, representing an increase of 17.7 per cent. (4.6 per cent. for residential buildings) compared to 2012 (Sources: Federal Statistical Office, Building Permits and Completed Buildings and Federal Statistical Office, Construction).

The Group's Ten Largest Portfolio Locations Given that approximately 72 per cent. of the Group's portfolio (in terms of number of units) is concentrated in cities with a population exceeding 100,000 inhabitants, the general developments in these urban locations are of significance for the Group's business and success. Although the overall economic development of the federal state in which the portfolio is located is important, local trends play a more acute role in the development of housing markets; therefore, an understanding of the local markets in which Deutsche Annington operates provides important insights into its business. Although there is limited availability of data on the micro level, the city level provides a rough proxy for local developments. The ten largest portfolio locations summarised in the following table constitute nearly half of the Group's residential real estate units.

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Demographic and Economic Overview Projected 1 and Projected Projected 2 Person Purchasing Population Population Household Household Power per Population Development Growth Growth Growth Capita Unemployment 2012(1) 2000/2010(2) 2010/2025(2) 2010/2025(2) 2010/2025(2) 2014(3) Rate 2013(4) City (in 1,000)(in per cent.) (in per cent.) (in per cent.) (in per cent.) (EUR) (in per cent.) Dortmund ...... 575.9 (1.6) (3.3) 1.5 6.6 19,694 12.8 Berlin ...... 3,421.8 1.8 1.2 2.4 4.4 19,423 11.1 Kiel ...... 241.5 2.5 (1.8) 2.3 6.5 18,997 10.1 Frankfurt am Main .... 701.4 3.9 1.0 5.2 9.4 24,920 7.3 Bremen ...... 548.5 1.5 (0.4) 2.3 4.7 20,266 10.1 Essen ...... 569.9 (3.6) (4.7) (0.0) 5.2 21,033 12.4 Bochum...... 361.7 (4.3) (5.5) (1.4) 2.9 20,217 10.1 Gelsenkirchen ...... 257.9 (7.5) (9.5) (4.8) 0.4 17,564 14.7 Duisburg ...... 486.9 (5.0) (6.8) (2.3) 2.6 18,272 13.1 Munich ...... 1,407.8 10.6 5.6 9.8 13.5 28,920 5.2

Notes: (1) Source: Federal Statistical Office, Municipal Directory, Results based on 2011 census data. (2) Source: BBSR - Regional Planning 2030 (3) Source: GfK Kaufkraft - Purchasing Power Germany 2014. (4) Source: German Federal Employment Agency, Unemployment Rates 2014.

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Competition The German residential real estate market is comprised of approximately 40.5 million residential units (based on May 2011 census, final preparation), approximately 17.3 million (or approximately 43 per cent.) of which are owner-occupied and approximately 23.3 million (or approximately 57 per cent.) of which are rental residential units. The rental residential unit market is highly fragmented, as is reflected by the pie chart below:

(Source: GdW Provider Structure)

The majority of residential units are managed by many different small private or individual lessors. Private companies, like Deutsche Annington, only account for 3.2 million units or roughly 14 per cent. of the rental housing stock. In more than 80 per cent. of the cases, cooperatives, communal organisations and small private lessors - oftentimes individuals - constitute the relevant local competition in the rental segment (Source: GdW Provider Structure).

In instances in which Deutsche Annington competes with other large listed and privately held companies (presented in the overview below in order of portfolio size as of 31 December 2013 according to the respective company's 2013 annual report, unless noted otherwise), it revolves primarily around capital and other resources:

Number of Units

Company Residential Commercial Other(1) Floor Area Employees Tenants EBIT Net Result NAV

(in million (in EUR (in EUR (in EUR sqm) million) million) million)

Deutsche Wohnen AG 150,219 ca. 2,100 30,600 9.1 2,422 n/a 348.7 212.7 4,004.7(6) Gagfah 143,196 1,587 ca. 30,000 8.7 1,567 ca. 300,000 335.1 3.3 2,813.3(6) Vivawest GmbH ca. 122,000 539(3) ca. 35,600 8.0(3) 1,991 ca. 300,000 167.9(5) n/a 4,109.0(3)

(6) LEG 94,311 1,031 22,903 6.0 915 ca. 260,000 285.5 136.9 2,571.9

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Number of Units

Company Residential Commercial Other(1) Floor Area Employees Tenants EBIT Net Result NAV

(in million (in EUR (in EUR (in EUR sqm) million) million) million)

Immobilien AG TAG Immobilien ca. AG 69,806 675 106 4.3 519 175,000(2) 127.6 27.0 1,240.8(4,6)

Notes: (1) Includes parking spaces and garages. (2) Figures taken from 2012 annual report – 2013 annual report did not include these figures. (3) Figures reflect Vivawest GmbH (formerly Evonik Immobilien) and THS GmbH residential real estate portfolios as of 31 December 2012 and are taken from and calculated on the basis the Evonik Industries AG listing prospectus from 22 April 2013, unless noted otherwise. (4) Calculated on the basis of the NAV per share and the number of shares. (5) Figures calculated on the basis of adjusted EBIT as of 1 January 2013 through 31 March 2013 and EBIT as of 1 April 2013 to 31 December 2013. (6) Refers to the NAV as determined in accordance with the definitions published by EPRA.

(Source: Gagfah, Evonik Industries, Vivawest GmbH,, LEG Immobilien AG, Deutsche Wohnen AG and TAG Immobilien AG)

Material agreements

The following section provides a summary of material agreements to which any member of the Group is a party.

Agreements Entered into in Connection with Recent Acquisitions

Acquisition of DeWAG The DeWAG portfolio consists of approximately 11,500 residential and commercial units located predominantly in the metropolitan areas of Munich, Frankfurt, Düsseldorf, Cologne and Hamburg. Prior to its acquisition by Deutsche Annington, DeWAG's real estate portfolio was immediately owned by several German legal entities whose ultimate holding companies are DeWAG Holdings S.à r.l. and DeWAG LT Holdings S.à r.l. (together "DeWAG's Ultimate Holding Companies").

On 26 February 2014, the Guarantor, MAKAB Grundstücks-Verwaltungsgesellschaft mbH ("MAKAB") and the Guarantor's subsidiary Deutsche Annington Acquisition Holding GmbH ("Deutsche Annington Acquisition") entered into a share purchase agreement with the shareholders of DeWAG. According to this share purchase agreement MAKAB and Deutsche Annington Acquisition acquired 6 per cent. and 94 per cent., respectively, of the shares in DeWAG's Ultimate Holding Companies. Furthermore, MAKAB and Deutsche Annington Acquisition entered into several agreements with respect to the acquisition and transfer of various minority shareholdings (between 5 and 6 per cent.) in companies forming part of the DeWAG Group.

The selling shareholders of DeWAG have given customary representations as to their legal capacity to enter into the share purchase agreement, unencumbered ownership of the shares in DeWAG, the corporate status of the DeWAG target companies, unencumbered ownership of the sold DeWAG real estate portfolio (unless otherwise disclosed), employment issues and further points.

The total investment for the acquisition of DeWAG amounted to around EUR 1.1 billion. Total consideration comprises a payment of EUR 429.3 million for former shareholders loans and a payment of EUR 25.4 million as consideration for the shares. In addition, EUR 621.9 million of third party debt was assumed. In addition, Deutsche Annington took over loans from DeWAG. Future purchase price adjustments will apply (i) in case of lower than expected refinancing costs, (ii) in case of net profits from the disposal of certain development projects, (iii) in case of divestments of certain undeveloped real estate properties and (iv) depending on the date of the entering into

286 force of German legislation that would effectively limit rent increases and establish maximum rent levels (Mietpreisbremse).The DeWAG acquisition closed on 1 April 2014.

Deutsche Annington financed the acquisition of DeWAG through the assumption of liabilities and through equity and debt instruments. The equity financing was provided through the net proceeds of EUR 301.3 million from the issuance of 16.0 million new shares by the Guarantor in March 2014, the debt financing was achieved by issuing the April 2014 Hybrid with a volume of EUR 700 million the month thereafter.

In order to facilitate the full organizational integration of the DeWAG portfolios into Deutsche Annington's existing portfolio, the Guarantor has entered into a transitional services agreement with DeWAG Management GmbH which provides that DeWAG Management GmbH shall procure certain services during a determined transitional period for its former real estate portfolio.

Vitus Group Takeover The portfolio acquired from the Vitus Group consisted of approximately 30,000 residential units located in the Rhine-Ruhr conurbation and in the cities of Bremen, Kiel and Wuppertal and is held by a group of real estate companies. On 28 February 2014, Deutsche Annington and Lion Residential as the Vitus Group's parent company entered into a contribution and investment agreement that was amended and restated on 17 April 2014. The subject of this agreement is the sale of certain of the Vitus Group's real estate business against various consideration components.

The contribution and investment agreement sets forth closing conditions (for instance, the approval by the Federal Cartel Office (Bundeskartellamt) and security release documentation). The Federal Cartel Office approved the envisaged transaction on 25 April 2014.

Pursuant to the contribution and investment agreement, Lion Residential and another holding company transferred (most) shares in the portfolio companies as well as intra-group loans and receivables to Deutsche Annington against (i) issuance of 11,780,000 shares by Deutsche Annington to Lion Residential and entities affiliated with it, (ii) payment of EUR 252.6 million cash and (iii) payment of a variable purchase price (earn-out) which depends on the growth of the annual net rent in the five-year period ending on 31 December 2018 and is limited to a certain maximum amount. Further, Deutsche Annington assumed intra-group liabilities of Lion Residential. Moreover, Deutsche Annington funded the repayment of obligations of commercial mortgage backed securities (CMBS) secured by the portfolio through the extension of loans and repaid certain other third-party loans of the group. Apart from the issuance of the 11,780,000 shares to Lion Residential and entities affiliated with it, Deutsche Annington financed the consideration through the proceeds from the issuance of the 2014 EMTN Notes and the 2014 Term Loan.

Lion Residential has given customary representations on corporate relations, free ownership of the properties (subject to the security release), contractual rent, no leakage, employment issues and further points. Damages for the breach of some of these representations are capped.

Until the closing of the acquisition, Lion Residential was obliged to conduct its business in the ordinary course and substantially in the same manner as before. Furthermore, certain of the residential units of the Vitus portfolio were previously acquired from public sector entities. The related acquisition agreements stipulate restrictions that Deutsche Annington is required to comply with.

The Vitus Group Takeover closed on 1 October 2014.

Sale of the Leopard Portfolio On 9 October 2014, Deutsche Annington, as seller, and a subsidiary of LEG Immobilien AG, as buyer, signed an agreement regarding a portfolio transaction of around 9,600 residential units. The transaction closed on 23 October

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2014. The sold portfolio constitutes a part of the portfolio of the newly acquired Vitus Group and comprises those parts of the portfolio located in North Rhine Westphalia.

The total volume of this transaction, including transaction costs, amounted to EUR 484 million. The transaction costs include refinancing costs which were assumed proportionally.

Deutsche Annington has made representations on taxes, corporate relations and shareholder loans, free ownership of the properties (subject to the security release), contractual rent, no leakage, employment issues and further points. Damages for the breach of some of these representations are capped.

In order to reach the result intended under the Leopard Portfolio sale, Deutsche Annington transferred approximately 450 units with a total volume of approximately EUR 16 million located in Duisburg and Kamen to LEG Immobilien AG ("LEG") and LEG, in turn, transferred 720 units with a total volume of EUR 24 million located in Munich and Osnabrück to Deutsche Annington as of 1 January 2015.

Until the closing of the acquisition, Deutsche Annington undertook to conduct its business in the ordinary course and substantially in the same manner as before. Furthermore, Deutsche Annington undertook to apply in its business dealings until closing the due care and diligence of a prudent business person and refrain from any measures that would result in an outflow of funds.

Franconia Transaction

On 29 August 2014, Deutsche Annington entered into a sale and purchase agreement with various entities of the CitCor Residential Group for the acquisition of around 5,000 residential units and around 210 commercial units in Berlin and eastern Germany by way of an asset deal. In December 2014, this agreement was partly rescinded and the Guarantor and various entities of CitCor agreed on the purchase of 94.9 per cent. of certain portfolio holding companies of CitCor (i.e. companies holding some of the properties described above) by the Guarantor. Prior to closing of the transactions, one commercial unit is expected to be transformed into approximately 100 residential units, which would result in approximately 5,100 residential units and around 210 commercial units being acquired. Closing of both transactions with a combined purchase price of approximately EUR 320 million is expected to occur on 1 April 2015.

Business Combination Agreement On 1 December 2014, the management board of the Guarantor (the ("Management Board") and the board of directors of Gagfah concluded a business combination agreement concerning the merger of both companies ("Business Combination Agreement"). The chairman of the supervisory board of the Guarantor (the ("Supervisory Board") and the chairman of the board of directors of Gagfah, Dr Wulf Bernotat and Mr Gerhard Zeiler, as guarantors, will monitor compliance with the Business Combination Agreement. The Business Combination Agreement comprises agreements concerning the future positioning, employees and management structure of the combined company resulting from the merger. The Business Combination Agreement has a term of three years. Each party may terminate the Business Combination Agreement if the Takeover Offer is not completed successfully or if the other party breaches material obligations under the Business Combination Agreement. Moreover, in the Business Combination Agreement the Guarantor and Gagfah specifically and bindingly laid out their intentions regarding the takeover. The relevant intentions and obligations of the Business Combination Agreement are explained hereinafter:

Principles of Joint Cooperation The parties to the Business Combination Agreement have defined the material principles of their cooperation as follows:

• The Guarantor and Gagfah are conducting their businesses according to similar operative business models, which are each focused on the long-term management of their real estate portfolios. The business group

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resulting from the merger will continue to follow its previous growth strategy by utilising the resulting synergies.

• The Guarantor and Gagfah will agree on a new company name for the company resulting from the merger. Following the merger, the corporate seat of the combined company will be established within a 20 km radius around the municipal area of the city of Essen.

• The group resulting from the merger will be divided into six regions. Three of these regions will be headed by people from the Guarantor's management and the other three will be headed by people from the management of Gagfah. Furthermore, Gagfah's board of directors has agreed to manage the business of Gagfah in a manner consistent with its ordinary course of business.

Future Cooperation, Integration and Synergies Moreover, in the Business Combination Agreement, the Guarantor and Gagfah have agreed to initiate an integration project that shall be completed within a concept phase lasting until the end of 2015. Subprojects will be defined on the basis of significant business processes which will be jointly managed by both, an employee of the Guarantor and an employee of Gagfah. The aim is to analyse the respective processes, operations and organisational structures of both companies, leading to (subject to the following sentence) a mutual solution, by taking into account the joint goal to create synergies and improve efficiency. The economic housing processes of the Guarantor will be continued by the combined companies. Following the concept phase, the requirements for the creation of the identified synergies and efficiency improvements shall largely be created during a six-month implementation phase and the processes, operations and organisational structures shall be adjusted accordingly.

For this purpose, the Guarantor and Gagfah have agreed to form a joint integration committee consisting of the chief executive officers of the Guarantor and of Gagfah, Mr Rolf Buch and Mr Thomas Zinnöcker. The integration committee shall in principle come to a mutual agreement. Should an agreement be reached, the integration committee will work towards implementing the decision (by the relevant committees, where applicable).

The Management Board and Supervisory Board of the Guarantor and the Board of Directors of Gagfah Furthermore, the Guarantor and Gagfah have agreed in the Business Combination Agreement to mutual representation on their committees. The Business Combination Agreement stipulates that the members of the Management Board will be appointed to the board of directors of Gagfah. Likewise, Mr Thomas Zinnöcker (currently chief executive officer of Gagfah) shall be appointed to the Management Board, as vice chairman with responsibilities for sales, acquisitions and integration and Mr Gerald Klinck (currently chief financial officer of Gagfah) as chief controlling officer'. The Supervisory Board shall be expanded to twelve shareholder representatives. The Guarantor and Gagfah have agreed to work towards having Mr Gerhard Zeiler (currently chairman of the board of directors of Gagfah), Mr Hendrik Jellema and Mr Daniel Just (both currently independent members of the board of directors of Gagfah) elected as new members of the expanded Supervisory Board.

The business sector sales of Deutsche Annington and Gagfah will be combined in the merger and will be headed by a person designated by Deutsche Annington or by Gagfah. Likewise, the acquisitions divisions will be combined and headed by a person designated by Deutsche Annington or Gagfah. Should the acquisitions division be managed by a person designated by Deutsche Annington, then the sales division would be managed by a person designated by Gagfah and vice versa.

The management of Gagfah Holding GmbH and Gagfah GmbH shall be composed of the same persons as the future management board of Deutsche Annington. The management of Deutsche TGS, Deutsche Annington's craftsmen's organisation, shall be composed of a member of Deutsche Annington as chairman and of one or two members of Gagfah. The management of the administration of residential property owners corporations shall be composed of a member of Deutsche Annington and a member of Gagfah each and, in the infrastructural Facility Management division, shall be composed of a member of Deutsche Annington.

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Employees, Conditions of Employment and Workers representation of Gagfah and of the Guarantor The Guarantor and Gagfah agree that the committed and motivated workforce of the companies belonging to the new company are the basis for the current and future success of the company. The Guarantor and Gagfah will seek a constructive dialogue with the employees and their representatives in order to develop an attractive and competitive framework with the aim of maintaining an excellent employee base.

The Guarantor and Gagfah will respect the statutory rights of the employees, works councils and unions, especially with regard to legal provisions for employee co-determination on supervisory boards and participation rights under the German Securties Acquisition and Takeover Act (Wertpapierübernahmegesetz –"WpÜG"), as well as collective agreements (company agreements and collective bargaining agreements). The existing provisions of the social charter or purchase agreements of individual companies of the Gagfah Group shall remain valid for their duration.

It is not intended, subject to the structural and integration provisions agreed upon in the Business Combination Agreement as well as the objectives of the combined company in connection with the implementation of the combination, to terminate material collective agreements (company agreements and collective bargaining agreements). The terminations due to operating conditions shall be avoided through placements in the intra-group job market and qualification measures. Where necessary, a reconciliation of interests and a social plan shall negotiated with the requisite participation of the works councils according to statutory provisions.

Any required selection of executives/key employees due to duplicate positions shall be carried out by the integration committee through a "best in class" audit. The integration committee will be responsible for decisions and in doing so will call on external consultants, especially with regard to the principles of the selection process (content wise as well as with regard to proceedings).

Statement of Gagfah's Board of Directors Gagfah supported the Guarantor's exchange offer. In particular, on 23 December 2014, under the legally required statement pursuant to Section 27 para. 1 of the WpÜG, Gagfah's board of directors confirmed that they believed that the type and amount of consideration offered by the Guarantor to the Gagfah Shareholders is fair and adequate, subject to any new findings and review of the offer document. Gagfah's board of directors supported the exchange offer and recommended that Gagfah Shareholders accept the exchange offer. Finally, Gagfah's board of directors has undertaken to manage Gagfah, its subsidiaries and its businesses in a way that corresponds with the ordinary course of business prior to the closing of the Takeover Offer. All obligations of Gagfah under the Business Combination Agreement are subject to the applicable obligations and responsibilities under German and Luxembourg law, in particular the board members' applicable duties of care, loyalty and good faith as well as the requirements of the WpÜG.

Financing Arrangements As of 31 December 2014, the Guarantor and its subsidiaries had outstanding financial indebtedness in a nominal amount of EUR 7.6 billion, consisting off outstanding non-derivative financial liabilities of EUR 6.6 billion, partly under notes and partly under various loan agreements and a hybrid bond in a nominal amount of EUR 1.0 billion (classified as equity under IFRS); the notes, including the hybrid bond and the larger credit agreements (in a nominal amount of more than EUR 25 million) are described in the following sections. In addition to the larger loans, Deutsche Annington has senior loans outstanding in an aggregate amount of approximately EUR 0.9 billion under around 2,420 loan agreements (which comprise commercial loans in an aggregate amount of approximately EUR 0.3 billion and subsidised loans in an aggregate amount of approximately EUR 0.6 billion, as of 31 December 2014, respectively).

In the second quarter of 2013, the Group changed its financing strategy; it has since issued unsecured corporate notes and bonds in seven tranches.

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On 10 March 2015, Standard & Poor's upgraded the long-term corporate credit rating of Deutsche Annington from "BBB" to "BBB+" (investment grade).

The then outstanding obligations under the GRAND Securitisation, a commercial mortgage-backed securities transaction through which Deutsche Annington borrowed a total of EUR 5.8 billion in 2006, were fully repaid on 18 July 2013. Parts of the funds required for the repayment of the GRAND notes were lent to the Guarantor by J.P. Morgan Limited and Morgan Stanley under the EUR 2.5 billion 2013 Term Loan. The obligations under the 2013 Term Loan have been fully repaid in the meantime by the proceeds from the bonds issued in 2013 (described below).

Notes Issuances

EUR 1.3 Billion July 2013 Notes On 25 July 2013, the Issuer placed notes (with a denomination of EUR 100,000 each) in two tranches:

• The first tranche with an aggregate nominal volume of EUR 700 million had a term of three years and a coupon of 2.125 per cent. p.a.

• The second tranche with an aggregate nominal volume of EUR 600 million had a six-year term and a coupon of 3.125 per cent. p.a.

These notes are unsecured and unsubordinated and guaranteed by the Guarantor. The proceeds have been on-lent to other Group entities.

The notes may be redeemed at the Issuer's option (in whole, but not in part) prior to their final repayment date at the sum of the principal, accrued interest and a premium (such premium being the difference between (i) the present value of the principal and all remaining interest payments at the redemption date (discounted at the respective Bund rates plus a margin of 0.35 per cent.) and (ii) the principal amount of the redeemed notes).

The notes are redeemable at the Issuer's option (in whole, but not in part) at the principal amount plus accrued and unpaid interest at any time prior to their maturity if, due to a change in tax law, the Issuer has, or would, become obligated to pay any additional tax amounts to the noteholders and such obligation cannot be avoided by taking reasonable measures.

If 80 per cent. or more of the aggregate principal amount of the notes have been redeemed or purchased by the Issuer, the Guarantor or any of their direct or indirect subsidiaries, the Issuer may redeem, at its option, the remaining notes as a whole at the principal amount plus accrued interest.

Interest has to be paid in arrears on 25 July of each year. The first interest payment was made on 25 July 2014.

Under the terms and conditions of the notes, Deutsche Annington is subject to the following financial covenants:

• No new financial indebtedness may be incurred if (simplified) after incurring such additional indebtedness and the application of the net proceeds (i) the consolidated financial indebtedness of the Group exceeds 60 per cent. of the value of the total consolidated assets (also considering newly acquired properties and proceeds from new indebtedness) or (ii) the consolidated financial indebtedness of the Group secured by liens on the properties or other assets exceeds 45 per cent. of the value of the total consolidated assets (also considering newly acquired properties and proceeds from new indebtedness).

• The consolidated interest coverage ratio (being the ratio of the consolidated adjusted EBITDA (as in the financial statements) to the net cash interest for the respective most recent four consecutive quarters) must be at least 1.8 (this ratio to be maintained and tested quarterly).

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• The total unencumbered assets (being the value of real estate properties and all other assets that are not subject to a lien) must be at least 125 per cent. of the unsecured financial indebtedness (this ratio to be maintained and tested quarterly).

The terms and conditions of the notes set out certain events of default (subject to cure periods and other exceptions), including, without limitation, non-payment of due amounts, failure to comply with other obligations and covenants and cross-defaults. If an event of default has occurred and is continuing (for certain events of default subject to thresholds), the noteholders may terminate the notes and declare amounts outstanding under the notes immediately due and payable. In case of a change of control, the noteholders may require the Issuer to redeem or repurchase the notes at the principal amount plus accrued interest.

U.S.$1.0 Billion USD Notes On 2 October 2013, the Issuer placed notes (in denominations of U.S.$50,000 and in integral multiples of U.S.$1,000 in excess thereof) under an indenture (governed by the laws of the state of New York) among itself, the Guarantor and certain material subsidiaries as guarantors, and Deutsche Bank Trust Company Americas as trustee in two tranches:

• The first tranche with an aggregate nominal volume of U.S.$750 million had a term of four years and a coupon of 3.20 per cent. p.a.

• The second tranche with an aggregate nominal volume of U.S.$250 million had a term of ten years and a coupon of 5.00 per cent. p.a.

These notes are unsecured and unsubordinated. The proceeds have been on-lent to other Group entities.

The notes may be redeemed at the Issuer's option (in whole, but not in part) prior to their final repayment date at the sum of the principal, accrued interest and a premium (such premium being the difference between (i) the present value of the principal and all remaining interest payments at the redemption date (discounted at the respective Treasury Rate plus a margin of 30 basis points in case of the 2017 Notes and 40 basis points in case of the 2023 Notes) and (ii) the principal amount of the redeemed notes).

If 90 per cent. or more of the aggregate principal amount of the notes have been redeemed or purchased by the Issuer, the Guarantor or any of their direct or indirect subsidiaries, the Issuer may redeem, at its option, the remaining notes as a whole at the principal amount thereof plus accrued interest.

Interest shall be paid semi-annually in arrears on 2 April and 2 October of each year. The first interest payment was made on 2 April 2014.

Under the indenture, Deutsche Annington is subject to the same financial covenants on financial indebtedness, interest coverage and unencumbered assets as for the July 2013 Notes (described above).

The indenture sets out certain events of default (subject to cure periods and other exceptions), including, without limitation, non-payment of due amounts, failure to comply with other obligations and covenants and cross-defaults. In the case of an event of default arising from certain events of bankruptcy or insolvency, with respect to the Issuer or any material subsidiary of the Issuer, all outstanding notes will become due and payable immediately without further action or notice. If any other event of default occurs and is continuing, the trustee or the noteholders of at least 25 per cent. in aggregate principal amount of the then outstanding notes may declare all the notes to be due

292 and payable immediately. Subject to certain limitations, the noteholders of a majority in aggregate principal amount of the then outstanding notes may direct the trustee in its exercise of any trust or power.

In case of a change of control, the noteholders may require the Issuer to redeem or repurchase the notes at the principal amount plus accrued interest.

The U.S.$/EUR currency risk deriving from (re)payment obligations under the notes has been fully hedged (for interest and principal) by entering into cross currency swaps with J.P. Morgan Securities plc, London, United Kingdom, and Morgan Stanley & Co. International plc. This resulted in a reduction of the financing cost; as a consequence, the interest rate effectiviely payable on EUR-financial indebtedness for the four-year tranche is 2.97 per cent. p.a. and the interest rate effectively payable on EUR-financial indebtedness for the ten-year tranche is 4.58 per cent. p.a.

EUR 1.0 Billion Notes under this Programme In September 2013, Deutsche Annington set up this Programme under which, following an update in June 2014, debt instruments of up to EUR 5 billion may be issued by the Issuer from time to time until the expiry of 12 months after the date of approval of the base prospectus on 30 June 2014 through J.P. Morgan, Morgan Stanley & Co. International plc or any additional dealer appointed. Notes may be distributed by way of public offer or private placement and, in each case, on a syndicated or non-syndicated basis. A separate set of terms and conditions will apply to each type of notes; the final terms provide for the Issuer to choose between (i) terms and conditions for notes with fixed interest rates and (ii) terms and conditions for notes with floating interest rates. The notes under the Programme shall be unsecured and unsubordinated; they shall be guaranteed by the Guarantor.

On 8 October 2013, the Issuer issued the 2013 EMTN Notes in an aggregate amount of EUR 500 million under the Programme. The 2013 EMTN Notes have a term of eight years and a fixed coupon of 3.625 per cent. p.a. Interest shall be paid annually in arrears on 8 October, beginning in 2014. The proceeds have been on-lent to other Group entities.

On 9 July 2014, the Issuer issued the 2014 EMTN Notes in an aggregate amount of EUR 500 million under the Programme. The 2014 EMTN Notes had a term of eight years and a fixed coupon of 2.125 per cent. p.a. Interest shall be paid annually in arrears on 9 July, beginning in 2015. The proceeds have been on-lent to other Group entities.

Deutsche Annington is subject to the same financial covenants on financial indebtedness, interest coverage and unencumbered assets as for the July 2013 Notes (described above).

The terms and conditions set out certain events of default (subject to cure periods and other exceptions), including, without limitation, non-payment of due amounts, failure to comply with other obligations and covenants and cross- defaults. If an event of default has occurred and is continuing (for certain events of default subject to thresholds),

293 the noteholders may terminate the notes and declare amounts outstanding under the notes immediately due and payable. In case of a change of control, the noteholders may require the Issuer to redeem or repurchase the notes at the principal amount plus accrued interest.

EUR 700 Million April 2014 Hybrid On 8 April 2014, the Issuer placed the April 2014 Hybrid with a principal amount of EUR 700 million (with a denomination of EUR 100,000 each). The April 2014 Hybrid is unsecured and subordinated; it is guaranteed on a subordinated basis by the Guarantor. The proceeds have been on-lent to other Group entities.

The April 2014 Hybrid bears interest at a rate of 4.625 per cent. p.a. from 8 April 2014 to 8 April 2019. Thereafter the interest rate will be fixed every five years for the next five-year period; it will be the sum of the annual Euro five-year swap rate (determined two days prior to the start of each five-year period) and a margin that will be (i) 3.696 per cent. until 8 April 2024, (ii) 3.946 per cent. from 8 April 2024 until 8 April 2039 and (iii) 4.696 per cent. from 8 April 2039 until 8 April 2074.

Interest shall be payable annually in arrears on 8 April. The Issuer may elect (at its discretion) to defer interest payments (without incurring an obligation to pay interest on the interest arrears). The Issuer may pay such interest arrears at any time, but will be obliged to do so under certain conditions, in particular if (i) dividends or other distributions under junior obligations or obligations ranking equally to the obligations under the bond are resolved on, (ii) junior or parity obligations are redeemed, repurchased or otherwise acquired, (iii) the April 2014 Hybrid is redeemed, (iv) other interest payments are made or (v) an order for a winding-up, dissolution or liquidation is made, provided that there is no obligation to pay the interest arrears in the cases of (i) and (ii), if a payment obligation exists according to the terms of the respective obligations and further in case of (ii) the purchase price for the repurchase or other acquisition is lower than the principal amount of the respective obligation.

The April 2014 Hybrid shall be redeemed at its principal amount on 8 April 2074. The Issuer has certain options to redeem the April 2014 Hybrid early:

• The Issuer may redeem the April 2014 Hybrid (in whole, but not in part) at the principal amount plus any accrued interest after prior notice with effect as of the interest reset dates (occurring every five years, beginning in April 2019).

• The Issuer may call the April 2014 Hybrid (in whole, but not in part) for early redemption at 101 per cent. of the principal amount plus any accrued interest if (i) Standard & Poor's (or any other rating agency from which the Guarantor is assigned solicited ratings) determines to no longer grant the same or higher category of "equity credit" to the April 2014 Hybrid as a result of an amendment, clarification or change to the "equity credit" criteria of such rating agency; (ii) an accountancy firm has stated that as a result of a change in accounting principles (or the application thereof), the April 2014 Hybrid may not or may no longer be recorded as "liability" in the audited annual or the semi-annual consolidated financial statements of the Guarantor; or (iii) an opinion of a recognised law firm or accounting firm has stated that, by reason of a change in German or Dutch law or any change in the official application or interpretation of such law, the tax regime of any payments made on the bonds is modified and such modification results in payments of interest payable by the Issuer or the Guarantor in respect of the April 2014 Hybrid being no longer deductible for corporate income tax purposes in whole or in part, and such risk cannot be avoided by the use of reasonable measures.

• The Issuer may call the April 2014 Hybrid (in whole, but not in part) for early redemption at the principal amount plus any interest accrued if (i) an opinion of a recognised law firm or accounting firm has stated that, by reason of any change in the law or the official application or interpretation of the relevant taxing jurisdiction, the Issuer or the Guarantor is required to pay additional amounts on the succeeding interest payment dates and this obligation cannot be avoided by the use of reasonable measures; or (ii) 80 per cent.

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or more of the aggregate principal amount of the bonds then outstanding have been redeemed or purchased and cancelled by Deutsche Annington Finance, the Guarantor or any of their direct or indirect subsidiaries.

• In case of a change of control of the Guarantor, the Issuer may call the April 2014 Hybrid (in whole, but not in part) for early redemption at the principal amount plus any accrued interest; if the Issuer does not redeem the April 2014 Hybrid in whole, the interest rate will be subject to an additional interest of 5 per cent. p.a. above the otherwise applicable interest rate.

The April 2014 Hybrid is treated as debt for accounting purposes. Due to the long maturity, the option to defer interest payments and the fact that early redemption options may be exercised solely by Deutsche Annington Finance, the bonds have equity-like qualities, but without the corresponding dilution effect. Standard & Poor's qualifies 50 per cent. of the issue volume of the April 2014 Hybrid as equity for rating purposes.

EUR 1.0 Billion December 2014 Hybrid On 17 December 2014, the Issuer placed an unsecured and subordinated bond with a principal amount of EUR 1.0 billion without maturity (with a denomination of EUR 100,000). The December 2014 Hybrid is guaranteed on a subordinated basis by the Guarantor. The proceeds have been lent to the Guarantor to partially finance the Takeover Offer.

The December 2014 Hybrid bears interest at a rate of 4.00 per cent. annually from 17 December 2014 until 17 December 2021. Thereafter, the interest rate will be fixed every five years for the next five-year period; it will be the sum of the annual swap rate from euro-swap transactions with a maturity of five years (determined two business days before the beginning of each five-year period) and a margin that will be (i) 3.39 per cent. until 17 December 2026, (ii) 3.64 per cent. from 17 December 2026 until 17 December 2041 and (iii) 4.39 per cent. from 17 December 2041 until any further repayment of the December 2014 Hybrid.

Interest shall be payable annually in arrears on 17 December. The Issuer may elect (at its discretion) to defer interest payments (without incurring an obligation to pay interest on the interest arrears). The Issuer may pay such interest arrears at any time, but will be obliged to do so if (i) dividends or other distributions under junior obligations or obligations ranking equally to the obligations under the bond are resolved on, (ii) junior or parity obligations are redeemed, repurchased or otherwise acquired, (iii) the December 2014 Hybrid Bond is redeemed, (iv) other interest payments are made or (v) an order for a winding-up, dissolution or liquidation is made, provided that there is no obligation to pay the interest arrears in the cases of (i) and (ii), if a payment of an obligation exists according to the terms of the respective obligations and further in case of (ii) the purchase price for repurchase or other acquisition is lower than the principal amount of the respective obligation.

The December 2014 Hybrid Bond has no maturity date. The Issuer is entitled to redeem the December 2014 Hybrid in the following cases:

• The Issuer may redeem the December 2014 Hybrid (in whole, but not in part) at the principal amount plus any accrued interest after prior notices with effect as of the interest reset dates (occurring every five years, beginning 17 December 2021).

• The Issuer may call the December 2014 Hybrid (in whole, but not in part) for early redemption at 101 per cent. of the principal amount plus any accrued interest if (i) Standard & Poor's (or any other rating agency from which the Guarantor is assigned solicited ratings) determines to no longer grant the same or higher category of "equity credit" to the December 2014 Hybrid as a result of an amendment, clarification or change to the "equity credit" criteria of such rating agency; (ii) an accountancy firm has stated that as a result of a change in accounting principles (or the application thereof) after the issuance, the December 2014 Hybrid may not or may no longer be recorded as "equity" in the audited annual or the semi-annual consolidated financial statements of the Guarantor; (iii) an opinion of a recognised law firm or accounting firm has stated that, by reason of a change in German or Dutch law or any change in the official application

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or interpretation of such law, the tax regime of any payments made on the bonds is modified and such modification results in payments of interest payable by the Issuer or the Guarantor in respect of the bonds being no longer deductible for corporate income tax purposes in whole or in part, and such risk cannot be avoided by the use of reasonable measures available to Deutsche Annington Finance; or (iv) the Guarantor (x) has not completed and closed the takeover of Gagfah or (y) has publicly stated that it no longer intends to pursue such takeover and the Issuer has notified the holders of the December 2014 Hybrid of the event pursuant to (y) and (x).

• The Issuer may call the December 2014 Hybrid (in whole, but not in part) for early redemption at the principal amount plus any interest accrued if (i) an opinion of a recognised law firm or accounting firm has stated that, by reason of any change in the law or the official application or interpretation of the relevant taxing jurisdiction, the Issuer or the Guarantor is required to pay additional amounts on the succeeding interest payment dates and this obligation cannot be avoided by the use of reasonable measures; or (ii) 80 per cent. or more of the originally issued aggregate principal amount of the December 2014 Hybrid (including further issues) has been redeemed or purchased and cancelled by Deutsche Annington Finance, the Guarantor or any of their direct or indirect subsidiaries.

• In case of a change of control of the Guarantor, the Issuer may call the December 2014 Hybrid (in whole, but not in part) for early redemption at the principal amount plus any accrued interest; if the Issuer does not redeem the December 2014 Hybrid in whole, the interest rate will be subject to an additional interest of 5 per cent. p.a. above the otherwise applicable interest rate.

The December 2014 Hybrid is treated as equity for accounting purposes. Due to the unlimited maturity, the deferred interest payments and the fact that redemption option rights may be exercised solely by Deutsche Annington Finance, the December 2014 Hybrid has equity-like qualities, but without the corresponding dilution effect. Standart & Poor’s qualifies 50 per cent. of the issue volume of the hybrid bonds as equity for rating purposes for the first seven years.

Large Bank Loans

Syndicated Bridge Facilities Agreement On 1 December 2014, the Issuer as borrower entered into a syndicated bridge facilities agreement with J.P. Morgan Limited as arranger, JPMorgan Chase Bank, N.A. as original lender and J.P. Morgan Europe Limited as agent (the "DA Credit Agreement").

The DA Credit Agreement consists of a facility A ("Facility A") which, together with the proceeds from the issuance of the December 2014 Hybrid, exceeds the cash component required to settle the Takeover Offer and a facility B ("Facility B") which is to be used to refinance liabilities of Gagfah. Facility A, in particular, is intended to serve for the payment of the cash component of the Takeover Offer in the approximate amount of EUR 2,048.7 million in cash (the "Cash Obligation") as well as for the payment of any costs incurred in connection with the preparation and implementation of the Takeover Offer (the "Transaction Costs", and together with the Cash Obligation, the "Total Transaction Costs"). Facility B is intended to serve, in particular, for the refinancing of any financial instruments issued by Gagfah consisting, in particular, of securitised mortgage-backed loans, other mortgage-backed loans and convertible bonds (the "Gagfah Financial Instruments"). The DA Credit Agreement is subject to variable interest rates in the amount of the one or three month(s) EURIBOR interest rate plus the applicable interest margin. In the first six months after conclusion of the DA Credit Agreement, the interest margin will be 0.55 per cent.. The interest margin subsequently increases over the duration of the DA Credit Agreement also depending on the credit rating of the Guarantor ( up to a potential maximum rate of 3.45 per cent. p.a.).

According to the DA Credit Agreement, the Issuer has to repay the loans within twelve months after the first drawdown under the respective facility or after the date falling six months after conclusion of the DA Credit

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Agreement, depending on which date occurs earlier. Under certain conditions, the Issuer has the right to demand an extension of the repayment period of up to twelve months. The Guarantor guarantees to make all payments due under the DA Credit Agreement that have not been paid by the Issuer and undertakes to indemnify all financing parties against all costs, losses or liabilities in connection with the DA Credit Agreement.

Disbursement of Facility A may be demanded by the Issuer, in particular, to ensure full fulfilment of the Cash Obligations, but no later than 1 December 2015. Disbursement of Facility B may be demanded by the Issuer in particular, for purposes of refinancing the Gagfah Financial Instruments, but no later than 30 June 2016.

Under the DA Credit Agreement, Deutsche Annington is subject to the same financial covenants on financial indebtedness, interest coverage and unencumbered assets as for the July 2013 Notes (described above).The DA Credit Agreement includes warranties and covenants, especially regarding certain notification obligations as well as financial and general operational covenants, customary for such credit agreements. Rights of termination exist, among others, if the Guarantor or the Issuer fails to make payments when due under the DA Credit Agreement, disregards financial covenants, breaches essential contractual obligations, has made misrepresentations or if the Guarantor, the Issuer or any material member of the Group becomes insolvent or does not fulfil its respective financial liabilities to other creditors.

The Issuer may make use of Facility A or Facility B, if the documentation requirements are met (or the requirements were waived by the lender), none of the causes for termination mentioned in the DA Credit Agreement occurred, certain other conditions described in the DA Credit Agreement are met and if, at the time the credit is drawn, the material representations set forth in the DA Credit Agreement are true and accurate. Deutsche Annington has no reason to believe that the requirements for drawdown of the DA Credit Agreement will not be met as and when required. As of the date of this Prospectus, the DA Credit Agreement has not been terminated and, to the Guarantor's best knowledge, no cause for termination exists.

On 10 March 2015, the Issuer drew a line under the Facility A in an amount of EUR 923,000,000 for the cash component required to settle the Takeover Offer.

Term Loan On 16 September 2014, the Issuer as borrower and the Guarantor as guarantor entered into the EUR 475 million 2014 term loan (the "2014 Term Loan") with Barclays Bank PLC and J.P. Morgan Limited. The 2014 Term Loan was used to partially finance the cash consideration which had to be paid by Deutsche Annington to the sellers of the entities acquired as a part of the Vitus Group Takeover and to finance the repayment of financial indebtedness of such entities. The 2014 Term Loan was fully repaid in October 2014.

Working Capital Facility On 4 March 2014, Deutsche Annington entered into a credit agreement for a revolving working capital facility of EUR 130 million with Commerzbank Aktiengesellschaft. The entities to which the facility has been allocated are jointly and severally liable for liabilities under this credit agreement. As of 31 December 2014, EUR 125.4 million of the total had been allocated as loan facility and EUR 4.6 million had been utilised for bank guarantees (Avalkredite).

The term of the credit agreement is two years. The agreement provides for annual extensions; however, there is no obligation of Commerzbank Aktiengesellschaft to agree to such extensions.

Interest on utilised amounts accrues at a rate of EURIBOR plus 0.7 per cent. p.a., and fees of 0.65 per cent. p.a. on the nominal value shall be applicable for bank guarantees. In addition, the following fees shall apply: (i) a commitment fee of 0.28 per cent. p.a. on the unutilised portion of the total amount; and (ii) a credit fee of 0.2 per cent. p.a. on the utilised amount if more than 50 per cent. and equal to, or less than, 80 per cent. of the total loan amount are utilised in form of loans and of 0.6 per cent. p.a. on the utilised amount if more than 80 per cent. of the total loan amount are utilised in form of loans.

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The agreement provides for extraordinary termination rights of the bank, inter alia, in case Deutsche Annington no longer receives an investment grade corporate rating or in case that more than the funds from operations of the previous fiscal year (adjusted for non-capitalised maintenance expense and before profits from property disposals) are distributed to the shareholders.

Large Secured Loans Other debt financing was granted by way of bank loans for the purpose of property (re)financing where the (re)financed property portfolios are used as collateral (in form of individual and comprehensive land charges) for the individual loans. Some of the loans were used in accordance with the contractual purpose for acquisitions; others are utilised for capital expenditures on the property portfolios.

The table below provides an overview of debt financings with a volume of more than EUR 30 million that are summarised in the subsequent sections:

Nominal loan amount outstanding plus accrued interest as of Borrowing Group Contractual 31 December Banks Entities loan amount 2014 Final maturity

(EUR million rounded) (year) (audited*)) 1) Landesbank Hessen- (i) Deutsche Annington 300 fully repaid Thüringen Holdings Zwei GmbH; Girozentrale/SEB AG (ii) Deutsche Annington WOGE Fünf Bestands GmbH &Co. KG; (iii) Deutsche Annington WOGE Fünf Bewirtschaftungs GmbH &Co. KG; (iv) DA DMB Netherlands B.V.; and (v) Deutsche Annington DMB Eins GmbH 2) Corealcredit Bank AG FSG Immobilien GmbH & Co. 178.4 158.7 2018 KG 3) Norddeutsche Landesbank PRIMA Wohnbauten 111.0 111.0 2018 Girozentrale Privatisierungs- Management GmbH 4) Norddeutsche Landesbank PRIMA Wohnbauten 39.3 29.9 2018 Girozentrale Privatisierungs- Management GmbH 5) Berlin-Hannoversche (i) Eisenbahn- 88.8 75.8 2018 Hypothekenbank AG Wohnungsbaugesellschaft Köln mbH; (ii) Baugesellschaft Bayern mbH; and (iii) Eisenbahn- Siedlungsgesellschaft

298

Nominal loan amount outstanding plus accrued interest as of Borrowing Group Contractual 31 December Banks Entities loan amount 2014 Final maturity

(EUR million rounded) (year) (audited*)) Augsburg mbH (Siegau) 6) Berlin-Hannoversche (i) Eisenbahn- 270.8(2) 254.7 2018 Hypothekenbank AG and Wohnungsbaugesellschaft members of the association Köln mbH; of the German savings (ii) Baugesellschaft Bayern banks mbH; and (1) (Sparkassenfinanzgruppe) (iii) Eisenbahn- Siedlungsgesellschaft Augsburg mbH (Siegau) 7) Berlin-Hannoversche MIRA Grundstücksgesellschaft 296.9(2) 252.0 2018 Hypothekenbank AG and mbH members of the association of the German savings banks (Sparkassenfinanzgruppe)(1) 8) Nordrheinische Deutsche Annington 39.5 35.4 2022 Ärzteversorgung DEWG GmbH & Co. KG 9) Deutsche Pfandbriefbank Eisenbahn-Wohnungsbau- 113(3) 97.6 2018 AG Gesellschaft Karlsruhe GmbH 10) Deutsche Pfandbriefbank "Siege" Siedlungsgesellschaft 95(4) 82.6 2018 AG für das Verkehrspersonal mbH Mainz 11) Syndicated Loan(5) (i) BWG Frankfurt am Main 288.2 274.1 2020 (i) Berlin-Hannoversche Bundesbahn- Hypothekenbank AG Wohnungsgesellschaft (40%); mbH; (ii) Landesbank Berlin (ii) Wohnungsgesellschaft AG (10%); and Ruhr-Niederrhein mbH Essen; (iii) Landesbank Baden- Wuerttemberg (50%) (iii) Bundes- Wohnungsbaugesellschaft Regensburg mbH; and (iv) Eisenbahn- Wohnungsbaugesellschaft Nürnberg mbH 12) Syndicated Loan(6) (i) BWG Frankfurt am Main 201.9 161.3 2020 (i) Berlin-Hannoversche Bundesbahn- Hypothekenbank AG Wohnungsgesellschaft (40%); mbH; (ii) Landesbank Berlin (ii) Wohnungsgesellschaft AG (10%); and Ruhr-Niederrhein mbH (iii) Landesbank Baden- Essen; Württemberg (50%) (iii) Bundes- Wohnungsbaugesellschaft

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Nominal loan amount outstanding plus accrued interest as of Borrowing Group Contractual 31 December Banks Entities loan amount 2014 Final maturity

(EUR million rounded) (year) (audited*)) Regensburg mbH; and (iv) Eisenbahn- Wohnungsbaugesellschaft Nürnberg mbH 13) Norddeutsche Landesbank Deutsche Annington McKinley 94 85.1 2023 Girozentrale Eins GmbH & Co. KG 14) Norddeutsche Landesbank Deutsche Annington McKinley 45.5 41.4 2020 Girozentrale Eins GmbH & Co. KG 15) AXA SA (Société Générale) Deutsche Annington 75 66.4 2018 Wohnungsgesellschaft I mbH 16) AXA SA (Société Générale) Deutsche Annington Rhein - 104 95.5 2018 Ruhr GmbH & Co. KG (additional guarantors: (i) Deutsche Annington Zweite Beteiligungsgesellschaft mbH, (ii) Deutsche Annington Rheinland Immobiliengesellschaft mbH and (iii) Deutsche Annington Fundus Immobiliengesellschaft mbH) 17) Syndicated Loan: (i) DAIG 1. Objektgesellschaft 208 184.2 2021 (i) Deutsche mbH; Hypothekenbank (ii) DAIG 2. Objektgesellschaft (Actien- mbH; Gesellschaft); (iii) DAIG 3. Objektgesellschaft (ii) R+V Allgemeine mbH; and Versicherung AG; (iv) DAIG 4. Objektgesellschaft (iii) Münchener mbH(7) Hypothekenbank AG and (iv) WL Bank AG 18) HSH Nordbank AG (i) DAIG 1. Objektgesellschaft 131.5 fully repaid 2015 mbH; (ii) DAIG 2. Objektgesellschaft mbH; (iii) DAIG 3. Objektgesellschaft mbH; and (iv) DAIG 4. Objektgesellschaft mbH(7) 19) Syndicated Loan: Deutsche Annington Finance 475.0 fully repaid 2016

300

Nominal loan amount outstanding plus accrued interest as of Borrowing Group Contractual 31 December Banks Entities loan amount 2014 Final maturity

(EUR million rounded) (year) (audited*)) (i) JPMorgan Chase B.V. Bank, N.A. (ii) Barclays Bank plc 20) Commerzbank Deutsche Annington Immobilien 130.0 4.6 2016 Aktiengesellschaft SE

Notes: (*) Taken or derived from the Guarantor's accounting records or internal management reporting systems, respectively. (1) Berlin-Hannoversche Hypothekenbank AG as lender may assign and transfer up to 49.9 per cent. of the loan to members of the association of the German savings banks (Sparkassenfinanzgruppe). Berlin-Hannoversche Hypothekenbank AG acts as loan manager also for the assigned and transferred lender tranches. (2) These loans are split into two tranches, respectively, one for secured claims that are eligible for the cover-pool (deckungsstockfähige) of German covered bonds (Pfandbriefe) and one for secured loan claims that are not eligible for these bonds. (3) This facility consists of two tranches: EUR 103,000,000 as senior term facility and EUR 10,000,000 as capex facility. (4) This facility consists of two tranches: EUR 90,500,000 as senior term facility and EUR 4,500,000 as capex facility. (5) Properties from the financed portfolio shall be sold only under extraordinary circumstances (hold-on portfolio). (6) Regular amortisation payments shall be made from disposal proceeds (privatisation portfolio). (7) These four borrowing entities (formerly named DeWAG 1. Objektgesellschaft mbH, DeWAG 2. Objektgesellschaft mbH, DeWAG 3. Objektgesellschaft mbH and DeWAG 4. Objektgesellschaft mbH) became part of the Group (only) after closing of the acquisition of DeWAG in April 2014 (see "— Agreements Entered into in Connection with Recent Acquisitions — Acquisition of DeWAG").

The following sections summarise the key terms of the large bank loans (figures as of 31 December 2014):

Joint Liability of Several Borrowers/Guarantees If a loan is provided to several borrowers, either the borrowing entities are jointly liable for the obligations under the loan (with limitations due to statutory capital maintenance provisions) or a joint parent guarantees their obligations.

Interest/Interest Rate Hedging The listed loans bear interest at fixed rates from 3.1431 per cent. to 4.2233 per cent. p.a. or at variable rates of three- or six-month EURIBOR plus margin. The margins (on EURIBOR or cost of interest payable by the bank) depend, among other things, on the quality of the financed portfolio, the market conditions at the time the loan was raised, the term and the leverage (LTV-Ratio), and range from approximately 60 basis points to approximately 240 basis points with a volume-weighted average margin of approximately 170 basis points (as of 31 December 2014; including the funding cost of the bank, respectively). The margins can increase if extraordinary events occur.

With respect to variable interest-rate loans, the borrowers have entered into interest rate hedging agreements (fixed- for-floating swaps) to offset most of the interest rate risks from the variable EURIBOR rates (total outstanding amount of EURIBOR bank loans: EUR 844,4 million as of 31 December 2014; amount of related hedged items: EUR 711.5 million). All of the hedging instruments have been concluded with the respective lenders (or their

33 In case of different rates for loans of the same date between the same lenders and the same borrowing entity/ies secured by different sub- portfolios, only the volume-weighted average rates are reflected herein.

301 affiliates). In line with certain trigger points, the borrowers reduce (and are obliged to do so) the hedging volume as the outstanding loan amounts decrease.

Regular Amortisation The terms of the aforementioned loans provide for regular repayments of the loan amounts during their terms. The loan agreements contain different repayment provisions including straight-line fixed amortisation rates, amortisation in accordance with set schedules, amortisation from assumed disposal proceeds (with a set minimum, irrespective of disposals) and amortisation that leads to (decreasing) LTV-Ratios scheduled over the loan term. Remaining loan balances have to be repaid at the end of the fixed terms (as shown in the table above).

Prepayment Most loan agreements allow (partial) voluntary prepayments and provide for a mandatory (partial) prepayment of the loan amounts in certain cases.

Most of the loan agreements explicitly allow the sale of the financed properties. In this event, the loan documents usually require that the borrowing entity repay certain amounts of the loan from the sales proceeds; in some loan agreements, each financed property is allocated a loan amount and the loan agreements set forth a certain percentage of such allocated loan amounts (>100 per cent.) that has to be prepaid if the property is sold against collateral release before the final maturity.

If properties are destroyed or damaged, insurance proceeds have to be used for the reconstruction of the units or the partial prepayment of the loan.

If financial thresholds in the loan agreements are breached, the borrowers are obligated to (partially) repay the respective loan in order to cure the breach and, thus, to avoid termination rights of the bank (see "— Financial Covenants").

The borrower is responsible for paying compensation for the interest damages until the end of the (current) fixed- interest period (and, in some cases, a prepayment fee) as well as close-out costs for the interest hedges.

Collateral Land charges have been granted over the (re)financed properties as security and are (fully or partly) enforceable without an additional enforcement order.

In addition to the land charges, the loans are typically secured by pledges or assignments of the claims under interest hedging instruments relating to the respective loan and assignments of portfolio-related rent revenues, claims from the sale of properties and insurance claims.

Most of the loan agreements also provide for pledges of the rent collection accounts as well as of special purpose accounts (for instance for the collection of sales proceeds, see "— Prepayment"; or for reserve accounts in cash trap events, see "— Financial Covenants").

Many of the listed loan agreements require that the shares or the partnership interests in the borrowing companies be pledged to the bank as security. Some loan agreements also require the subordination of other group companies' claims against certain borrowers.

Further contractual arrangements serve as security: Certain loan agreements require that the borrower has to be a member of a Deutsche Annington cash pool over the term of the loan. The provision of new security interests by the individual borrower to other lenders or creditors is usually not allowed.

Financial Covenants The loan agreements contain various financial covenants customary for residential real estate borrowing, with respect to loan-to-value ratio, debt-service-cover ratio, interest-cover ratio and debt-to-rent ratio.

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Most loan agreements require certain maximum LTV-Ratios, calculated as the quotient of the outstanding loan amount (including senior-ranking loans) and the value of the borrowers' properties (or a comparable ratio). The value of the individual portfolios was determined before the first utilisation and, in most cases, may be determined again later at the bank's request. The maximum LTVs allowed depend on the quality and size of the financed portfolio, the market conditions at the time the loan was provided and the lender, and range from 55 per cent. to 82 per cent. unless extraordinary events occur.

The majority of the loan agreements also contain liquidity-related financial covenants: The interest (service) cover ratio is the quotient of net rental and lease income of borrowing companies (after deduction of operating cost as defined in the respective loan agreement) and the interest payable by these companies (also considering payments from interest hedges and interest on other senior or equally-ranking debt as well as, in one case, the scheduled amortisation of senior or equally-ranking debt) ("ICR"). The debt service cover ratio is the quotient of the net rental and lease income of the borrowing companies (after deduction of operating cost as defined in the respective loan agreement) and the debt service for the loan and senior and equally-ranking loans ("DSCR"). Both ratios must reach a certain level: the required minimum ICRs range from 120 per cent. to 180 per cent.; the required DSCRs range from 108 per cent. to 130 per cent.

Two loan agreements require a maximum debt-to-rent ratio ("DRR") of 9.0, being the quotient of all financial indebtedness of the borrowers and the annual actual net rents (as defined in the respective loan agreement).

The breach of financial covenants usually allows the bank to terminate the respective loan and claim early repayment of the entire loan unless the breach is cured by a voluntary (partial) repayment or a cash injection for a liquidity shortage within a short cure period (see "— Termination Rights").

Some of the loan agreements (Coreal, Deutsche Pfandbriefbank and Société Générale) contain a second set of financial covenants which would be breached more easily and the breach of which does not result in a bank's termination right, but only in cash restrictions. In such case, the rental income has to be collected on an account pledged in favour of the financing bank (cash trap) and used for prepayment of the loan (cash sweep) until the financial covenants are met again in which case the restrictions no longer apply (see "—Prepayment").

At this stage, no financial covenants are breached.

Representation/Warranties The loan agreements contain several customary representations given at signing and at each drawdown. There is no indication that any representations or warranties have been breached.

Termination Rights The loan agreements contain customary rights of the banks to terminate loan facilities early. In particular, termination rights exist if (interest, amortisation or other) payments are not made when due, financial covenants are not complied with, the borrower becomes insolvent or defaults on other financial liabilities, representations or warranties turn out to have been incorrect, information obligations are violated by the borrower, a change-of- control has occurred or (other) material contractual obligations are not complied with (unless the respective violation can be and is cured within a contractually specified period) or (other) specified adverse events have occurred.

In some cases, loan agreements also incorporate the respective bank's general terms and conditions that contain very broad termination rights, in particular the right to terminate the loan if there is or threatens to be a substantial deterioration in the financial circumstances of the respective borrower or in the value of a security granted as a result of which the repayment of the loan is jeopardised even if the security is realised.

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Change of Control Provisions Almost all larger loan agreements contain change-of-control clauses. These clauses stipulate consent requirements or renegotiation obligations if the current majority holdings in the borrowing group companies (or the majority of voting rights) change. The change-of-control clauses have different forms: Holding always refers to direct holdings of its respective shareholders and, for some loan agreements, also to indirect holdings by other group companies. In one case, a change-of-control event could also occur if holdings in the Guarantor change, namely if the ownership structure materially changes (Coreal). The respective lender has an extraordinary termination right if there is no lender consent to or agreement on the change of control.

Additional Undertakings The loan agreements listed above include maintenance obligations for the property portfolio securing the respective loan where the borrower generally has to keep its property portfolio in good condition. Some loan agreements contain quantified average maintenance and/or modernisation obligations (ranging for various portfolios from EUR 7 to EUR 12 per sqm and year); if these sums are not spent, the differences have to be transferred to a bank account pledged to the lender and used for maintenance and/or modernisation at a later stage. In one case the loan agreement requires a maximum vacancy rate of 5 per cent.

Pursuant to the loan agreements, the borrowing entities have undertaken to insure the financed properties against standard risks (for instance fire and common natural hazards).

The borrowers have to provide financial and other information to the respective lenders periodically and at the banks' request.

Some of the loan agreements listed require that a Deutsche Annington group company be responsible for the property management of the respective borrowing entity.

There is no indication that any of these or further contractual undertakings have been violated in the past.

Description of the Governing Bodies of the Guarantor

Management Board

Current composition of the Management Board Under the Articles of Association, the management board of the Guarantor (the "Management Board") must consist of at least two persons, and the supervisory board of the Guarantor (the ("Supervisory Board") determines the exact number of the members of the Management Board. The Supervisory Board appoints members of the Management Board for a period not exceeding six years. The Supervisory Board may appoint a chairperson of the Management Board as well as a deputy chairperson of the Management Board. Currently, the Management Board consists of three members, with Rolf Buch appointed as chairman.

Reappointment for a term not exceeding six years is permissible. The Supervisory Board may revoke the appointment of a Management Board member prior to the expiration of his or her term for good cause, such as a gross breach of fiduciary duty, or if the general shareholders' meeting passes a vote of no confidence with respect to such member, unless the no-confidence vote was clearly unreasonable. The Supervisory Board is also responsible for entering into, amending and terminating employment agreements with Management Board members and, in general, for representing the Guarantor in and out of court against the Management Board. The Management Board is directly responsible for managing the Guarantor.

In the event that the Management Board consists of at least three members, Management Board meetings are quorate if all Management Board members have been invited and at least half of the members (including the chairman or a member of the Management Board appointed by him or her) participate in the meeting either in person or through, e.g. electronic means. Members who abstain from voting are also considered to be participating.

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The chairman of the Management Board has the right to object to any of the Management Board's resolutions (veto right). Unless the law, the Articles of Association or the rules of procedure of the Management Board stipulate otherwise, the Management Board generally adopts resolutions by a simple majority of the votes cast. In the case of a tie, the chairperson shall have the casting vote. Further details, particularly regarding composition, duties, overall responsibility, allocation of responsibility for particular functions and internal organisation are governed by the rules of procedure for the Management Board which were issued by the Supervisory Board on 4 June 2013 and entered into force on 12 June 2013.

The Guarantor is represented vis-à-vis third parties and in court proceedings by two members of the Management Board jointly or by a member of the Management Board jointly with a holder of statutory power of attorney (Prokurist). The Supervisory Board may determine that any or all members of the Management Board are authorised to represent the Guarantor individually.

The internal rules of procedure for the Management Board require that the delegation of responsibilities to individual Management Board members is established on the basis of the business distribution plan (Geschäftsverteilungsplan). The business distribution plan is part of the rules of procedure for the Management Board and is prepared by the Supervisory Board.

The table below lists the current members of the Management Board.

Name Member since Appointed until Responsibilities

Rolf Buch ...... 1 April 2013 28 February 2018 Chief Executive Officer Dr. A. Stefan Kirsten ..... 1 January 2011(1) 31 December Chief Financial Officer 2015 Klaus Freiberg ...... 1 February 2010(1) 31 January 2017 Chief Operating Officer

Notes: (1) Until the transformation into a stock corporation (Aktiengesellschaft) or a European company (Societas Europaea) the listed board member held the position of a managing director.

The Guarantor has established a code of conduct, which does not permit donations to political organisations.

The following description provides summaries of the curricula vitae of the current members of the Management Board and indicates their principal activities outside the Group to the extent those activities are significant with respect to the Group.

Rolf Buch was born in 1965 in Weidenau, Germany. Mr Buch studied mechanical engineering and business administration at RWTH Aachen University from 1986 to 1990. Upon graduation, Mr Buch joined Bertelsmann AG in 1991. During his 21-year employment with Bertelsmann, Mr Buch held various positions. In 1999, Mr Buch was appointed chief executive officer of Bertelsmann Services Group (formerly Bertelsmann Distribution GmbH) where he was responsible for all activities in Western Europe and several direct marketing activities in Germany. From 2002 through 2007, he was a member of the executive board of Arvato AG and chief executive officer of Arvato Direct Services GmbH. From 2008 through 2012, Mr Buch served as chief executive officer of Arvato AG and as a member of the executive board of Bertelsmann AG (now Bertelsmann SE & Co. KGaA).

Alongside his office as the Guarantor's chief executive officer and chairman of the Management Board, Mr Buch is, or was within the last five years, a member of the administrative, management or supervisory bodies of and/or a partner in the following companies and partnerships outside the Group:

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Currently:

• GSB Gesellschaft zur Sicherung von Bergmannswohnungen mbH (member of the supervisory board); and

• Woldemar-Winkler Stiftung der Sparkasse Gütersloh (member of the committee).

Previously:

• arvato AG (chief executive officer and member of the executive board);

• arvato digital services Canada, Inc. (director);

• arvato Limited (director);

• arvato services (East Riding) Limited (director);

• arvato services Limited (director);

• arvato services spain, S.A.U. (member of the board);

• alsf - arvato logistique services France SARL (managing director);

• ase - arvato strategie & expertises SARL (managing director);

• asf - arvato services France SARL (managing director);

• Berryville Graphics, Inc. (chairman of the board and director);

• Bertelsmann SE & Co. KGaA (member of the executive board of Bertelsmann Management SE and limited partner of Bertelsmann SE & Co. KGaA);

• BITKOM e. V. (member of the presiding committee);

• Coral Graphic Services of Kentucky, Inc. (chairman of the board and director);

• Coral Graphic Services of Virginia, Inc. (chairman of the board and director);

• Coral Graphic Services, Inc. (chairman of the board and director);

• Deutsche Bank AG (member of the advisory board);

• Duacom SARL (managing director);

• Dynamic Graphic Finishing, Inc. (director);

• nmediaONE GmbH (chairman of the executive board);

• Istituto Italiano d'Arti Grafiche S.p.A. (chairman of the board);

• Jubii Europe NV (member of the supervisory board);

• maul + co - Chr. Belser GmbH (managing director);

• Media Finance Holding, S.L. (chairman of the board);

• Offset Paperback Mfrs., Inc. (director);

• Phone Assistance SA (member of the board);

• Phone Group SA (member of the board);

• Phone Serviplus SA (member of the board);

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• PRINoTec GmbH (managing director);

• PRINOVIS Limited (director chairman and director);

• Printer Industria Grafica Newco, S.L. (chairman of the board);

• Stampers, LTD. (director);

• Windsong Holdings Limited (director chairman); and

• Zweite BAG Beteiligungs GmbH (managing director).

Other than listed above, Mr Buch has not been a member of any administrative, management or supervisory body of any other company or partnership outside the Group within the last five years.

Klaus Freiberg was born in 1962 in Bendorf, Germany. He completed his degree in History, Social Sciences and Economics at the University of Münster up to 1990. From 1995 through 2010, Mr Freiberg worked in various positions at Arvato Group, including as managing director of Arvato Services. Mr Freiberg is Chief Operating Officer of the Guarantor and is responsible for the property management, including customer care service, management and letting of the portfolio.

Alongside his office as the Guarantor's Chief Operating Officer and member of the Management Board, Mr Freiberg was within the last five years a member of the administrative, management or supervisory bodies of and/or a partner in the following companies and partnerships outside the Group:

Previously:

• 1 18 18 Auskunft GmbH (managing director);

• arvato backoffice services Erfurt GmbH (managing director);

• arvato direct services Brandenburg GmbH (managing director);

• arvato direct services Dortmund GmbH (managing director);

• arvato direct services Eiweiler GmbH (managing director);

• arvato direct services Potsdam GmbH (managing director);

• arvato direct services Stralsund GmbH (managing director);

• arvato direct services telco Neubrandenburg GmbH (managing director);

• arvato services Chemnitz GmbH (managing director);

• arvato services Erfurt GmbH (managing director);

• arvato services Freiburg GmbH (managing director);

• arvato services Göppingen GmbH (managing director);

• arvato services Neubrandenburg GmbH (managing director);

• arvato services Potsdam GmbH (managing director);

• arvato services Rostock GmbH (managing director);

• arvato services Schwerin GmbH (managing director);

• arvato services Stralsund GmbH (managing director);

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• arvato services Stuttgart GmbH (managing director); and

• arvato telco services Erfurt GmbH (managing director).

Other than listed above, Mr Freiberg has not been a member of any administrative, management or supervisory body of any other company or partnership outside the Group within the last five years.

Dr. A. Stefan Kirsten was born in 1961 in Berlin, Germany. Dr. Kirsten completed his Master's degree in Business Economics and Informatics from 1981 to 1986 at the Fern-Universität Hagen and the University of Göttingen and received his Doctorate degree as Dr rer. pol. from the University of Luneburg. Before being appointed to the Management Board as Chief Financial Officer, Dr. Kirsten occupied various management positions at other companies. From 2000 to 2002, Dr. Kirsten was a management board member of METRO AG, and from 2002 through 2006 he was a management board member of ThyssenKrupp AG; in both positions, he served as the chief financial officer. From 2007 until 2009, he served as chief financial officer and later as chief executive officer at Majid Al Futtaiim Group LLC, a family holding with significant retail and real estate interests in the United Arab Emirates.

Since 1995, Dr. Kirsten has taught at different universities in Germany and abroad. In 2001, Dr. Kirsten was appointed as honorary professor at the Westfälische Hochschule in Gelsenkirchen.

Alongside his office as the Guarantor's chief financial officer and member of the Management Board, Dr. Kirsten is, or was within the last five years, a member of the administrative, management or supervisory bodies of and/or a partner in the following companies and partnerships outside the Group:

Currently:

• AVW Versicherungsmakler GmbH (member of the supervisory board);

• VBW Bauen und Wohnen GmbH (deputy chairman of the supervisory board); and

• Sociedade Francisco Manuel dos Santos B.V. (member of the supervisory board).

Previously:

• Jerónimo Martins SGPS, SA. (non-executive director).

Other than listed above, Dr. Kirsten has not been a member of any administrative, management or supervisory body of any other company or partnership outside the Group within the last five years.

The members of the Management Board may be reached at the Guarantor's office at Philippstraße 3, 44803 Bochum, Germany (tel. +49 (0) 234-314-0).

The Business Combination Agreement stipulates that Mr Thomas Zinnöcker (currently chief executive officer of Gagfah) shall be appointed to the Management Board as vice chairman with responsibilities for sales, acquisitions and integration and Mr Gerald Klinck (currently chief financial officer of Gagfah) as chief controlling officer.

Management Service Agreements Under the service agreements between the Guarantor and the members of the Management Board, Mr Buch is employed until 28 February 2018, Mr Freiberg is employed until 31 January 2017 and Dr Kirsten is employed until 31 December 2015. If a Management Board member's service agreement is validly terminated by the Guarantor for cause (Kündigung aus wichtigem Grund) in accordance with Section 626 of the German Civil Code (Bürgerliches Gesetzbuch), the Guarantor's obligation to pay a base salary, a bonus or any fringe benefits ends with immediate effect. Further, the service agreements end in the event that a Management Board member becomes permanently unable to perform his duties due to disability or illness (upon expiration of a twelve-month sick leave period). In the event of a termination of the Management Board member's office (Abberufung) by the Supervisory Board for

308 reasons that do not justify a termination of the underlying service agreement for cause in accordance with Section 626 of the German Civil Code (Bürgerliches Gesetzbuch), payments to the Management Board member are capped at the lower of (i) two years' total compensation (including all benefits and bonuses) and (ii) the total compensation for the remainder of the term of the contract ((i) and (ii) together, the "Severance Cap"). Upon removal from office (Abberufung), the Management Board member may terminate the service relation at any time with a written notice of three months. In such case, the Management Board member is generally entitled to a payment equivalent to the Severance Cap, payable in two equal instalments. In the event that one or more investors (apart from Terra Firma and its affiliates) acting in concert acquire a controlling stake in the Guarantor, the Management Board members are entitled to an extraordinary termination right that must be exercised within three months following such acquisition. In such case, the Severance Cap is increased to the lower of (i) 150 per cent. of the Severance Cap and (ii) the total compensation for the remainder of the term of the contract. However, any rights or entitlements under the long-term incentive plans (see "— Long-Term-Incentive-Programmes — Management Board Members") remain generally unaffected.

With the exception of Mr Buch, who is subject to a 12-month non-compete obligation following the termination of his service agreement, the members of the Management Board are not subject to such non-compete obligations and may therefore engage in competing activities following the end of their office and the termination of their service agreements.

Supervisory Board

Current composition of the Management Board In accordance with the Articles of Association and Articles 40(3) and 9(1) lit. c(i) of the SE-Regulation together with Section 17 of the SE Implementation Act (SE-Ausführungsgesetz) and Section 95 of the German Stock Corporation Act (Aktiengesetz), the Supervisory Board consists of nine members. All members of the Supervisory Board are appointed by the Guarantor's general shareholders' meeting. The general shareholders' meeting may appoint substitute members for one or more Supervisory Board members, who may become members of the Supervisory Board if the elected Supervisory Board members leave office before the end of their term. The term of the substitute member expires as soon as a successor for the departing Supervisory Board member is appointed by a majority of at least 75 per cent. of the votes cast, but no later than the expiration of the departing Supervisory Board member's term. Re-election of members of the Supervisory Board is possible. According to the Supervisory Board's internal rules of procedure, persons having reached the age of 75 at the time of the election should generally not be proposed as candidates.

The term of office of a Supervisory Board member shall not continue beyond the end of the annual general shareholders' meeting, which discharges the members of the Supervisory Board for the fourth fiscal year following the commencement of the member's term of office; this does not include the fiscal year in which the term of office commences. The appointment of a successor for a member leaving his or her office before the end of his or her term of office is valid for the remainder of the term of office of the departing member, provided that the general shareholders' meeting has not determined a shorter term of office for the successor.

Supervisory Board members elected by the general shareholders' meeting may be removed by a resolution of the general shareholders' meeting if such resolution is approved by at least 75 per cent. of the votes cast. Each regular and substitute member of the Supervisory Board may resign by means of a written notification to the Guarantor, represented by the Management Board. The resignation is subject to a two weeks' notice period. The right to resign immediately for good cause remains unaffected. Following the general shareholders' meeting, in which the members of the Supervisory Board are elected, the Supervisory Board will elect a chairman and a deputy chairman from among its members to serve for the duration of those members' terms. Should the chairman or deputy chairman leave office prior to the expiration of his or her term, the Supervisory Board must elect a new chairman

309 or a deputy chairman from among its members without delay, to complete the remaining term of the departing chairman or deputy chairman.

Under mandatory statutory provisions and the Articles of Association, the Supervisory Board is authorised to establish internal rules of procedure and form committees made up of at least four individuals from its members. The Supervisory Board's internal rules of procedure were approved by the Supervisory Board on 4 June 2013 and have taken effect as of 12 June 2013. The Supervisory Board is authorised to make amendments to the Articles of Association that only affect their wording. The Supervisory Board must hold at least three meetings within each half calendar year. Meetings of the Supervisory Board are usually called by its chairman with 14 days' advance notice in writing, by e-mail or facsimile. The day on which the notice is sent and the day of the meeting itself are not included when calculating this period. In urgent cases, the chairman can shorten the notice period to a minimum of two banking days.

The rules of procedure for the Supervisory Board provide that all Supervisory Board members must have been invited and at least half of the Supervisory Board members must participate in voting on a resolution to constitute a quorum. Any member that is present but abstains from voting is deemed to have participated in the vote for purposes of the required quorum. Absent members may participate in the casting of votes pursuant to Article 9(1) lit. c(ii) of the SE-Regulation together with Section 108(3) of the German Stock Corporation Act (Aktiengesetz). Resolutions of the Supervisory Board are passed by a simple majority of the votes cast. For purposes of passing a resolution, abstentions do not count as votes cast. If a vote in the Supervisory Board results in a tie, the chairman has a casting vote. The rules of procedure for the Supervisory Board provide that, per the chairman's instruction, resolutions may be passed by submitting votes to the chairman in writing, by telephone or facsimile, or by equivalent means of communication. The Supervisory Board's internal rules of procedure exclude the right of a member of the Supervisory Board to object to such instruction by the chairman.

Members of the Guarantor's Supervisory Board

The table below lists the current members of the Guarantor's Supervisory Board.

Appointed Principal occupation ouside of Name Member since(1) until(2) Deutsche Annington

Dr. Wulf H. Bernotat ...... 18 June 2013 2018 Managing director and partner of Bernotat & Cie. GmbH Chairman Dr. Edgar Ernst ...... 18 June 2013 2018 President of Deutsche Prüfstelle für Rechnungslegung DPR e.V. Vice Chairman Hildegard Müller ...... 18 June 2013 2018 Chairwoman of the executive board of Bundesverband der Energie- und Wasserwirtschaft Clara-Christina Streit ..... 18 June 2013 2018 Senior advisor to McKinsey & Company Prof. Dr. Klaus 1 August 2008 2018 Business consultant Rauscher ...... Manuela Better ...... 21 August 2014 2018 Managing director of Dr Ingrid Better Vermögensverwaltungs GmbH & Co. KG Dr. Florian Funck ...... 21 August 2014 2018 Member of the management board of Franz Haniel & Cie. GmbH

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Christian Ulbrich ...... 21 August 2014 2018 Chief executive officer of Jones Lang LaSalle EMEA and member of the global executive board of Jones Lang LaSalle Inc. Burkhard Drescher ...... 12 December 2018 Chief executive officer of 2014 InnovationCity Management GmbH

Notes: (1) Prior to the Guarantor's change in legal form into a European company (Societas Europaea), the Supervisory Board membership refers to the supervisory board of Deutsche Annington Immobilien AG and the optional supervisory board of Deutsche Annington Immobilien GmbH. (2) The Supervisory Board members are appointed until the end of the annual shareholders' meeting 2018.

Lutz Basse, who had been appointed member of the Supervisory Board on 21 August 2014, resigned from the Supervisory Board on 15 September 2014. On 12 December 2014, Burkhard Drescher was appointed to fill the vacant position.

The following description provides summaries of the curricula vitae of the current members of the Guarantor's Supervisory Board, and indicates their principal activities outside the Group to the extent those activities are significant with respect to the Group.

Dr. Wulf H. Bernotat was born in 1948 in Göttingen, Germany. He studied law at the University of Göttingen. Dr. Bernotat completed the first state examination (Erstes Staatsexamen) in 1974 and the second state examination (Zweites Staatsexamen) in 1976 and received his doctorate in the same year. In 1976, Dr. Bernotat began his career at Shell AG, where he spent the next 20 years holding various positions, functioning, among others, as counsel in the legal department in Germany, business development manager for Eastern Europe, general manager for Portugal, and as a member of the management board from 1995 to 1996. In 1996, he then joined VEBA OEL AG as a member of the management board. In 1998, he was appointed chairman of the management board of Stinnes AG (formerly part of the VEBA Group). He remained a member of the management board of the VEBA Group throughout this time, until 2000. In 2003, Dr. Bernotat joined E.ON SE (formerly E.ON AG, a power utilities supplier that came into existence in 2000 through the merger of energy companies VEBA AG and VIAG AG), where he served as chairman of the management board until 30 April 2010. In 2011, Dr. Bernotat founded the mentoring company Bernotat & Cie. GmbH, of which he is a managing director and partner.

Alongside his office as the chairman of the Guarantor's Supervisory Board, Dr. Bernotat is, or has been within the last five years, a member of the administrative, management or supervisory bodies of and/or a partner in the following companies and partnerships outside the Group:

Currently:

• Allianz SE (deputy chairman of the supervisory board);

• Bernotat & Cie. GmbH (managing director);

• Bertelsmann SE & Co. KGaA (member of the supervisory board);

• Bertelsmann Management SE (member of the supervisory board);

• Deutsche Telekom AG (member of the supervisory board);

• Metro AG (member of the supervisory board); and

• Innovation City Management GmbH (chairman of the advisory board).

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Previously:

• E.ON SE (chairman of the management board);

• E.ON Energie AG (chairman of the supervisory board);

• E.ON Ruhrgas AG (chairman of the supervisory board);

• E.ON Nordic AB (chairman of the supervisory board);

• E.ON Sverige AB (chairman of the supervisory board); and

• E.ON US Investment Corp. (chairman of the supervisory board).

Other than listed above, Dr. Bernotat has not been a member of any administrative, management or supervisory body of any other company or partnership outside the Group within the last five years.

Dr. Edgar Ernst was born in 1952 in Oberlahnstein, Germany. He studied mathematics and business administration at the University of Cologne and received his master's degree in 1977. From 1977 to 1980, he studied Operations Research at the University of Aachen and obtained a Master's degree in 1980. In 1982, he received his PhD in Economics. From 1983 to 1986, Dr. Ernst worked as a management consultant for McKinsey & Company. From 1986 to 1990, he was the executive director of corporate development at Quelle, Gustav Schickedanz KG. From 1990 to 2007, Dr. Ernst held various positions at Deutsche Post AG, beginning with his position as executive director of planning and controlling, and moving on to become a member of the board and the chief financial officer of Deutsche Post AG from 1991 to 2007. Since 2011, Dr. Ernst has been the president of the German Financial Reporting Enforcement Panel (Deutsche Prüfstelle für Rechnungslegung) (DPR).

In 2007, Dr. Ernst was appointed honorary professor for economics at the WHU Otto Beisheim School of Management, Vallendar.

Alongside his office as a member of the Guarantor's Supervisory Board, Dr. Ernst is, or has been within the last five years, a member of the administrative, management or supervisory bodies of and/or a partner in the following companies and partnerships outside the Group:

Currently:

• Deutsche Prüfstelle für Rechnungslegung DPR e.V. (president);

• Deutsche Postbank AG (member of the supervisory board);

• DMG MORI SEIKI AG (member of the supervisory board);

• TUI AG (member of the supervisory board); and

• Wincor Nixdorf AG (member of the supervisory board).

Previously:

• Österreichische Post AG (member of the supervisory board).

Other than listed above, Dr. Ernst has not been a member of any administrative, management or supervisory body of any other company or partnership outside the Group within the last five years.

Hildegard Müller was born in 1967 in Rheine, Germany. She began her career as an apprentice at Dresdner Bank AG from 1987 to 1989, and then proceeded to study business administration at the Heinrich-Heine University in Düsseldorf from 1989 to 1994. In 1995, Ms. Müller returned to Dresdner Bank AG, where in the end she worked as a division manager. From 1998 to 2002, Ms. Müller was the federal chairwoman of the Young Union (Junge Union), the youth organisation of Germany's Christian Democrats. She represented Düsseldorf in the German

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Federal Parliament (Bundestag) from 2002 until 2008. In 2005, she was appointed Minister of State in the Federal Chancellery (Staatsministerin bei der Bundeskanzlerin), where her responsibilities included coordinating the cooperation between Germany's federal and state governments, as well as managing the efforts to reduce bureaucracy and administrative burdens. In October 2008, Ms. Müller resigned as Minister of State in the Federal Chancellery and as Member of Parliament in order to become chairwoman of the executive board of the German Federation of Energy and Water Management (Bundesverband der Energie- und Wasserwirtschaft - BDEW).

Alongside her office as a member of the Guarantor's Supervisory Board, Ms. Müller is, or has been within the last five years, a member of the administrative, management or supervisory bodies of and/or a partner in the following companies and partnerships outside the Group:

Currently:

• Bundesverband der Energie- und Wasserwirtschaft (chairwoman of the executive board);

• HSBC Trinkaus & Burkhardt (member of the advisory board); and

• IKB Deutsche Industriebank AG (member of the advisory board).

Previously:

• Verbundnetz GasAG (member of the advisory board);

• WestLB AG (member of the supervisory board); and

• ERGO AG (member of the advisory board).

Other than listed above, Ms. Müller has not been a member of any administrative, management or supervisory body of any other company or partnership outside the Group within the last five years.

Clara-Christina Streit was born in 1968 in Syracuse, New York (USA). In 1991, she completed her master's degree in Business Administration at the University of St. Gallen, Switzerland. She began her career as a consultant at McKinsey & Company in 1992, and has held various positions at McKinsey & Company since. She was elected to principal (partner) in 1997 and to director (senior partner) in 2003. Since 2012, she has acted as senior advisor to McKinsey & Company. Ms. Streit specialises in financial institutions consulting. In 2011, Ms. Streit became a member of the supervisory board of Vontobel Holding, Switzerland. In 2013, she was elected to the supervisory board of Delta Lloyd NV, The Netherlands, and became an adjunct professor of management at the Lisbon MBA, Nova and Catolica Universities in Lisbon, Portugal. In 2014, she was elected to the board of directors of Coface SA, Paris, France.

Alongside her office as a member of the Guarantor's Supervisory Board, Ms. Streit is, or has been within the last five years, a member of the administrative, management or supervisory bodies of and/or a partner in the following companies and partnerships outside the Group:

Currently:

• Coface SA (member of the board of directors);

• Delta Lloyd NV (member of the supervisory board); and

• Vontobel Holding AG (member of the board of directors).

Previously:

• McKinsey & Company (partner).

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Other than listed above, Ms. Streit has not been a member of any administrative, management or supervisory body of any other company or partnership outside the Group within the last five years.

Prof. Dr. Klaus Rauscher was born in 1949, in Lorenzreuth, Germany. He studied law at the University of Erlangen from 1968 to 1971 and in 1975 received his Doctorate in Law. From 1975 to 1988, Prof. Dr. Rauscher served in the Bavarian Ministry of Finance, later as director of the Department of Economics. From 1988 to 1990, he was Minister of the Bavarian State Chancellery. From 1991 to 2001, Prof. Dr. Rauscher was a member of the management board of the Bayerische Landesbank. In 2001, he was appointed chairman of the management board at HEW (Hamburg's electricity supplier) and from 2002 to 2007, he served as chief executive officer at Vattenfall Europe AG (successor of HEW after a merger with eastern German utilities companies).

In 2007, Prof. Dr. Rauscher was appointed honorary professor for mechanical engineering at the Technical University of Dresden.

Alongside his office as a member of the Guarantor's Supervisory Board, Prof. Dr. . Rauscher is, or has been within the last five years, a member of the administrative, management or supervisory bodies of and/or a partner in the following companies and partnerships outside the Group:

Currently:

• Stiftung Berliner Philharmoniker (member of the board of trustees);

• Drägerwerk AG & Co. KGaA (member of the supervisory board);

• Dräger Medical GmbH (member of the supervisory board);

• Dräger Safety GmbH (member of the supervisory board); and

• Drägerwerk Verwaltungs AG (member of the supervisory board).

Previously:

• EnDi AG (chairman of the supervisory board); and

• ThyssenKrupp Technologies AG (member of the supervisory board).

Other than listed above, Prof. Dr. Rauscher has not been a member of any administrative, management or supervisory body of any other company or partnership outside the Group within the last five years.

Manuela Better was born in 1960 in Munich, Germany. She studied economics at the University of Munich. Ms. Better obtained her diploma in economics in 1988. From 1988 until 1998, Ms. Better worked for Bayerische Vereinsbank AG. All positions she held during her time at Bayerische Vereinsbank AG were related to international real estate financings. In 1994, Ms. Better became head of international real estate finance at Bayerische Vereinsbank AG. From 1998 until 2003, Ms. Better worked for FGH Bank, a wholly-owned subsidiary of HypoVereinsbank, eventually as a member of the management board. From 2004 until mid-2014, Ms. Better worked for various entities of the Hypo Real Estate Group, eventually as member of the management board of Hypo Real Estate Holding AG and pbb Deutsche Pfandbriefbank. From 2010 until June 2014, she functioned as chief executive officer of Hypo Real Estate Holding AG.

Alongside her office as member of the Guarantor's Supervisory Board, Ms. Better is, or has been within the last five years, a member of the administrative, management or supervisory bodies of and/or a partner in the following companies and partnerships outside the Group:

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Currently:

• Dr Ingrid Better Vermögensverwaltungs GmbH & Co. KG (managing director);

• AXA Konzern AG (member of the supervisory board); and

• Deutsche EuroShop AG (member of the supervisory board).

Previously:

• Hypo Real Estate Holding AG (chief executive officer);

• pbb Deutsche Pfandbriefbank AG (member of the management board); and

• Depfa plc Dublin (executive and non-executive board member).

Other than listed above, Ms. Better has not been a member of any administrative, management or supervisory body of any other company or partnership outside the Group within the last five years.

Dr. Florian Funck was born in 1971 in Duisburg, Germany. He studied economics at the University of Münster. Dr Funck obtained his diploma in economics in 1994 and received his doctorate in 1998. From 1999, Dr. Funck began his career at Franz Haniel & Cie. GmbH, inter alia, in the areas of group accounting, controlling of participations as well as risk management. From 2004 until 2011, Dr. Funck was a member of the management board of TAKKT AG responsible for controlling and financing. Since September 2011, Dr. Funck has been a member of the management board of Franz Haniel & Cie. GmbH responsible for controlling, accounting, tax and financing.

Alongside his office as a member of the Guarantor's Supervisory Board, Dr. Funck is, or has been within the last five years, a member of the administrative, management or supervisory bodies of and/or a partner in the following companies and partnerships outside the Group:

Currently:

• Franz Haniel & Cie. GmbH (member of the management board);

• TAKKT AG (member of the supervisory board); and

• Metro AG (member of the supervisory board).

Previously:

• Celesio AG (member of the supervisory board);

• Smart Loyalty AG (member of the supervisory board); and

• TAKKT AG (member of the management board).

Other than listed above, Dr. Funck has not been a member of any administrative, management or supervisory body of any other company or partnership outside the Group within the last five years.

Christian Ulbrich was born in 1966 in Hamburg, Germany. He studied economics at the University of Hamburg. In 1982, Mr Ulbrich began his career at Bank Mees & Hope NV, where he last held the position as head of commodity finance. From 1992 until 1994, he served as head of the corporate clients division and deputy manager of the Hamburg branch of Rabobank Deutschland AG. From 1995 until 1997, he was the chief executive officer of Bank Companie Nord AG. Thereafter, from 1997 until 2005, he acted as the chairman of the board of managing directors of HIH Hamburgische Immobilien Handlung GmbH. He then joined Jones Lang LaSalle EMEA as a chief executive officer. Since 2009, he has also been a member of the global executive board of Jones Lang LaSalle Inc.

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Alongside his office as member of the Guarantor's Supervisory Board, Mr Ulbrich is, or has been within the last five years, a member of the administrative, management or supervisory bodies of and/or a partner in the following companies and partnerships outside the Group:

Currently:

• Jones Lang LaSalle EMEA (chairman of the management board (CEO));

• Jones Lang LaSalle Inc. (member of the management board);

• IRE|BS International Real Estate Business School (member of the advisory board); and

• Zentraler Immobilien Ausschuss e.V. (member of the board).

Other than listed above, Mr Ulbrich has not been a member of any administrative, management or supervisory body of any other company or partnership outside the Group within the last five years.

Burkhard Drescher was born in 1951 in Neuss, Germany. In 1969, Mr Drescher began his career at Bayer AG as laboratory assistant and later worked as a laboratory technician. From 1974 to 1978, he studied economic science and chemistry. In 1980, he completed his internship and received a teaching degree for secondary schools, after which he worked as a teacher until 1987. In 1987, he was elected city treasurer (Stadtkämmerer) for the City Grevenbroich, Germany. In 1990, he was elected municipal director (Stadtdirektor) for the City of Oberhausen, Germany. From 1991 to 1997, he served as chief municipal director (Oberstadtdirektor) for the City of Oberhausen. From 1997 to 2004, Mr Drescher served as lord mayor (Oberbürgermeister) of the City of Oberhausen. From 2004 to 2006, Mr Drescher was a member of the management board of RAG Immobilien AG. From 2006 to 2009, he served as chief executive officer of GAGFAH GmbH. In 2009, Mr Drescher founded the consulting service BDC Consulting GmbH & Co. KG. Since 2011, he has been serving as chief executive officer of InnovationCity Management GmbH.

Alongside his office as member of the Supervisory Board, Mr Drescher is, or has been within the last five years, a member of the administrative, management or supervisory bodies of and/or a partner in the following companies and partnerships outside the Group:

Currently:

• BDC Consulting GmbH & Co.KG (managing director);

• BDC Verwaltungs GmbH (managing director);

• InnovationCity Management GmbH (managing director); and

• STEAG Fernwärme GmbH (member of the advisory board).

Previously:

• BRICKS Verwaltungs GmbH (managing director); and

• BRICKS GmbH & Co. KG (limited partner and managing director).

Other than listed above, Mr Drescher has not been a member of any administrative, management or supervisory body of any other company or partnership outside the Group within the last five years.

The members of the Supervisory Board can be reached at the Guarantor's office at Philippstraße 3, 44803 Bochum, Germany (tel. +49 (0) 234-314-0).

The Business Combination Agreement stipulates that following the closing of the Takeover Offer the supervisory board of the Guarantor shall be expanded to include twelve shareholder representatives. The Guarantor and Gagfah

316 have agreed to work towards having Mr Gerhard Zeiler (currently chairman of the board of directors of Gagfah), Mr Hendrik Jellema and Mr Daniel Just (both currently independent member of the board of directors of Gagfah) elected as new members of the expanded supervisory board of the Guarantor.

Supervisory Board Committees Under the Articles of Association, the Supervisory Board may form committees from among its members. Under the Supervisory Board's rules of procedure (Sections 8 through 11), the Supervisory Board shall form an Audit Committee, an Executive and Nomination Committee and a Finance Committee. Other committees may be formed, if necessary. The Supervisory Board's decision-making authority may be delegated to these committees to the extent permitted by law. The following committees have been established by the Supervisory Board:

The Audit Committee (Prüfungsausschuss) is concerned, in particular, with the oversight of the Guarantor's accounting process and the effectiveness of its internal control system, internal auditing system, as well as the audit of the annual financial statements, including required independence of the auditor and additional services provided by the auditor, the conclusion of audit agreements with the auditor, setting focus points for the audit and agreeing audit fees and - unless another committee is entrusted therewith - compliance. It shall prepare the Supervisory Board's resolutions on the annual financial statements (including group statements) and the Supervisory Board's proposal to the general shareholders' meeting upon the election of the auditor, and the instruction of the auditor. The chairman of the Audit Committee shall have specialist knowledge and experience in the application of accounting standards and internal control processes. Furthermore, the chairman of the Audit Committee shall be independent and may not be a former member of the Management Board whose appointment ended less than two years prior to his appointment as chairman of the Audit Committee.

The current members of the Audit Committee are:

Name Repsonsibilities

Dr. Edgar Ernst Chairman Dr. Wulf H. Bernotat Member Dr. Florian Funck Member Christian Ulbrich Member

In accordance with Section 107(4) of the German Stock Corporation Act (Aktiengesetz), the Guarantor is required to have at least one independent member of the audit committee with expertise in the fields of accounting or auditing within the meaning of Section 100(5) of the German Stock Corporation Act (Aktiengesetz). Members of the Supervisory Board and the audit committee are considered to be independent if such members have no business or personal relations with the Guarantor, its Management Board, controlling shareholders or related parties, which could cause a substantial and not merely temporary conflict of interest. As concerns the Supervisory Board and audit committee of the Guarantor, Dr Ernst and Dr Bernotat are considered to possess the respective expertise and independence.

The Executive and Nomination Committee (Präsidial- und Nominierungsausschuss) shall debate key issues and make proposals to the Supervisory Board with respect to the appointment and revocation of members of the Management Board and with respect to their respective remuneration and reductions in remuneration. They make recommendations to the Supervisory Board for Supervisory Board proposals to the shareholders' meeting with respect to the election of Supervisory Board members. Furthermore, the Executive and Nomination Committee is responsible for the establishment of or material amendment to existing employee participation and incentive programmes. The Executive and Nomination Committee shall consist of the chairman of the Supervisory Board,

317 and three additional members to be elected by the Supervisory Board. The chairman of the Supervisory Board shall be the chairman of the Executive Committee and Nomination Committee.

The current members of the Executive and Nomination Committee are:

Name Repsonsibilities

Dr. Wulf H. Bernotat Chairman Hildegard Müller Member Prof. Dr. Klaus Rauscher Member Clara-Christina Streit Member

The Finance Committee (Finanzausschuss) shall prepare the Supervisory Board's resolutions on the financial and investment policy, including the capital structure of Group companies and the payment of dividends as well as on the general acquisition and divestiture policy including the acquisition and sale of individual participations of strategic importance. The Finance Committee shall further resolve on: (i) the Guarantor's financial strategy and the general guidelines and policies for implementing this strategy including the management of foreign exchange, interest rate, liquidity and other financial risks and the management of credit risk, (ii) the raising of external financing by any member of the Group and/or the issuance of guarantees by any member of the Group on behalf of other members of the Group (in each case) in an amount ranging from EUR 100 million to EUR 200 million, (iii) the granting of securities, guarantees and indemnities (or any other form of contingent commitment) and the issuance of letters of comfort or declarations of patronage or commitment by any member of the Group on behalf of third parties, with the exception of securities, guarantees, and letters of comfort or declarations of patronage or commitment given in the ordinary course of business, as well as the assumption of contractual liabilities of third parties by any member of the Group in an amount ranging from EUR 20 million to EUR 50 million, (iv) the approval of investments or divestments within the Group in an amount ranging from EUR 20 million to EUR 50 million for individual transactions, (v) the formation or liquidation of companies and partnerships and the purchase or sale of shares or of businesses, if the value (including the assumptions of liabilities) per transaction amounts to between EUR 20 million and EUR 50 million, (vi) the purchase or sale of land, or rights equivalent to title rights in real estate, if the volume of the investment or disinvestment is between EUR 20 million and EUR 50 million and (vii) the acquisition and divestiture of material corporate premises, amounts to between EUR 5 million and EUR 10 million. In addition to the thresholds stated for individual transactions, the internal rules of procedure of the Supervisory Board also provide for aggregate thresholds for series of linked transactions in a fiscal year. The Finance Committee shall consist of the chairman or the deputy chairman of the Supervisory Board and three additional members to be elected by the Supervisory Board.

The current members of the Finance Committee are:

Name Repsonsibilities

Clara-Christina Streit Chairwoman Dr. Wulf H. Bernotat Member Manuela Better Member

Certain Information Regarding the Members of the Management Board and the Supervisory Board In the last five years, no member of the Management Board or Supervisory Board has been convicted of fraudulent offences. In the last five years, no member of the Management Board and Supervisory Board has been associated with any bankruptcy, receivership or liquidation acting in its capacity as a member of any administrative,

318 management or supervisory body or as a senior manager. In the last five years, no official public incriminations and/or sanctions have been made by statutory or legal authorities (including designated professional bodies) against the members of the Management Board or Supervisory Board, nor have sanctions been imposed by the aforementioned authorities. No court has ever disqualified any of the members of either board from acting as a member of the administrative, management, or supervisory body of an issuer, or from acting in the management or conduct of the affairs of any issuer for at least the previous five years.

There are no conflicts of interest or potential conflicts of interest between the members of the Management Board and Supervisory Board vis-à-vis the Guarantor and their private interests, membership in governing bodies of companies, or other obligations.

None of the Management or Supervisory Board members has entered into a service agreement with a Group company that provides for benefits upon termination of employment or office. The Guarantor only provides for severance payments to its executives in the case of an early termination of the service agreement (including, amongst others, a termination following a change of control), which, under all circumstances, are capped at the amount of compensation owed under the remaining contractual term of the respective service agreement. With the exception of Mr Buch, the members of the Management Board are not bound by non-compete obligations following the end of their office and the termination of their service agreements, it being understood that the members of the Management Board participate in long-term incentive plans, whose full or partial pay-out was triggered upon the commencement of trading and having been further replaced by new Incentive-Plans or continued old long-term incentive plans (see "—Long-Term—Incentive—Programmes").

There are no family relationships between the members of the Management Board and the Supervisory Board, either among themselves or in relation to the members of the other body.

Corporate governance The German Corporate Governance Code, as amended on 24 June 2014, (the "Code") makes proposals concerning the management and supervision of German-listed companies. It is based on internationally and nationally recognised standards of good, responsible governance. The Code contains recommendations ("shall provisions") and suggestions ("should provisions") for corporate governance in relation to shareholders and the general shareholders' meeting, the management board and the supervisory board, transparency and accounting and auditing of financial statements. The Code's recommendations or suggestions are not obligatory, although deviations from the recommendations (but not from the suggestions) are required to be published by the management board and the supervisory board of listed companies in an annual announcement pursuant to Section 161 of the German Stock Corporation Act (Aktiengesetz). This announcement regards whether or not the recommendations in the Code were complied with and are complied with, or explains which recommendations have not been complied with and are not being applied and the reasons underlying this non-compliance (Entsprechenserklärung). The declaration of compliance regarding the Code must be publicly available on the Guarantor's website at all times. The current version of the Code was adopted on 24 June 2014 and published in the German Federal Gazette (Bundesanzeiger) on 30 September 2014.

Since the listing of the shares of the Guarantor on the regulated market segment (regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with simultaneous admission to the sub-segment of the regulated market with additional post-admission obligations (Prime Standard) of the Frankfurt Stock Exchange in July 2013, the Guarantor is obligated to issue a declaration relating to the Code.

The Guarantor currently complies with and intends to further comply with all recommendations in the Code.

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Long-term incentive programs

Management Board members The pre-IPO long-term incentive plan (the "Pre-IPO LTIP") was replaced concurrently with the IPO. In settlement of all claims arising out of or in connection with the Pre-IPO LTIP, the Management Board members were paid a one-off remuneration of EUR 6.2 million. Of this amount, EUR 2.3 million were paid to Mr Buch, EUR 1.7 million were paid to Mr Freiberg and EUR 2.2 million were paid to Dr Kirsten. Furthermore, the Management Board members received a one-off compensatory payment totalling EUR 300,000. Of this amount, EUR 200,000 were paid to Mr Buch and EUR 50,000 were paid to each of Mr Freiberg and Dr Kirsten. In connection with the termination of the Pre-IPO LTIP the Management Board members undertook to purchase a total of 171,424 shares in the Guarantor at the IPO subscription price (i.e., at EUR 16.5 per share). Accordingly, Mr Buch acquired 74,333 shares in the Guarantor, Mr Freiberg acquired 50,000 shares in the Guarantor and Dr Kirsten acquired 47,091 shares in the Guarantor. These shares have full dividend and voting rights but their disposal is restricted until the end of the respective Management Board member's employment contract. The pro rata income tax totalling EUR 271,463.74 (Mr Buch: EUR 123,899.04, Mr Freiberg: EUR 75,036.59, Dr Kirsten: EUR 72,528.11) was paid by the Guarantor as a fringe benefit.

Beginning with the commencement of trading of the Guarantor's shares on the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse), the Pre-IPO LTIP was replaced by a new long-term incentive agreement (the "New LTIP") under which (virtual) stock appreciation rights are granted which are later settled in cash. Under this compensation scheme, Mr Buch received 400,000 stock appreciation rights in the Guarantor and each of Mr Freiberg and Dr Kirsten received 265,515 stock appreciation rights in the Guarantor. The stock appreciation rights are vested in five-year tranches of 20 per cent. of the granted total number of shares, the first vesting occurred on 28 February 2014 for Mr Buch and on the anniversary of the commencement of trading for Mr Freiberg and Dr Kirsten. The second vesting occurred on 28 February 2015 for Mr Buch The cash settlement amounts are determined from the product of the number of shares per tranche, the market value per share (taking into consideration the dividend payment in the period between IPO and the payment date) and the level of achievement for the respective calculation period. The possible achievement may range in total between 90 per cent. and 110 per cent. The defined key performance indicators of the achievement as well as their influencing factors are presented below.

Key performance indicator Definition

AFFO percentage Defined as the actual AFFO as calculated by the Group for the relevant year against the AFFO target for the same year in the Group's internal five year plan. Total Shareholder Return ("TSR") percentage Defined as the Group's TSR per share for the relevant year against the average TSR per share of listed German peers over the same period (and weighted by their average market capitalisation over the relevant period). TSR per share is calculated on the basis of the share price at the end of the relevant year (taking into account any dividend pay-outs) compared to the share price at the beginning of such year. The listed German peer group ("Comparator Group") is comprised of Deutsche Wohnen AG, Gagfah SA, GSW Immobilien AG, LEG Immobilien AG and TAG Immobilien AG.

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NAV percentage Defined as the growth of the Guarantor's EPRA NAV per share for the relevant year against the average growth of the net asset values per share of the Comparator Group for the same year (weighted by their average market capitalisation over the relevant period).

The performance percentage for the respective tranche is calculated by summing up the weighted AFFO percentage, TSR percentage and NAV percentage, divided by three. Vested tranches are paid out on each subsequent vesting date. Under certain circumstances, Management Board members may lose their entitlements under the New LTIP.

Key Employees below Management Board Level The Guarantor has introduced different incentive programmes for key employees below the Management Board level.

In 2007, the Guarantor introduced a long-term incentive plan for its top 25 employees below the Management Board level ("LTIP 25"), that was succeeded by a comparable long-term incentive plan in 2010 ("LTIP 2010"). Both programmes each have a term of seven years and each year a specified amount of the total bonus payable under the plan accrues. Based on their individual performance in the preceding year, participants are annually classified into three classes, each class having different annual bonus entitlements. Under the LTIP 25, the bonus will be distributed to the plan participants upon expiry of the programme or upon the occurrence of defined events. 33 per cent. of the accumulated bonuses saved up by the date of the IPO were paid out to the plan participants. Pursuant to the LTIP 2010, the total amount of the accrued bonuses became due and payable immediately after the commencement of trading following the Guarantor's IPO. Five years thereafter, or by the expiry date of the LTIP 2010 at the latest, the bonuses that have accumulated since the IPO will become due. As of 31 December 2014, the LTIP 25 comprised one beneficiary, whereas the LTIP 2010 comprised three beneficiaries.

After the IPO, the Guarantor introduced a long-term incentive pay-out plan for the aforementioned group of people under the Management Board who previously did not or no longer participate in one of the aforementioned LTIPs ("New Management LTIP"). The New Management LTIP programme mostly replaces the LTIP 25 and LTIP 2010.

The terms and conditions of the New Management LTIP are modelled on the terms and conditions of the New Management Board LTIP. The term of the New Management LTIP is three years.

The target achievements will be determined annually with three equal weighted targets AFFO, NAV, TSR capped at 150 per cent. for every target. The conjunction is additive over the three-year-run-time.

As of 31 December 2014, the Guarantor had recognised provisions in the aggregate amount of EUR 13.6 million for all long-term-incentive-programmes (including those for the Management Board members and key employees below Management Board level).

Shareholder Structure

The Guarantor's share capital as of the date of this Prospectus amounts to EUR 354,106,228.00 divided into 354,106,228 ordinary registered shares with no par value (Stückaktien).

As of the date of this Prospectus, the following shareholders have a direct or indirect reportable participation in the registered shares and the voting rights of the Guarantor. The percentage values shown in the table below are based on the amount of voting rights last notified to the Guarantor with regard to the stated reference date by the respective shareholder pursuant to Sections 21 et seqq. of the German Securities Trading Act

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(Wertpapierhandelsgesetz –WpHG) in relation to the Guarantor's share capital as of the date of this Prospectus. It should be noted that the number of voting rights last notified could have changed since such notifications were submitted to the Guarantor without requiring the relevant shareholder to submit a corresponding voting rights notification if no notifiable thresholds have been reached or crossed:

Actual (direct or indirect) ownership of Deutsche Annington Immobilien SE

Shareholder Share of voting rights (in %)

Abu Dhabi Investment Authority(1) ...... 11.85 Norges Bank(2) ...... 7.82 BlackRock(3) ...... 7.45 The Wellcome Trust Ltd(4)...... 6.68 Wellington Management Group LLP(5) ...... 3.34 Sun Life Financial (6) 3.12 Lansdowne Partners (7) 3.01 Total ...... 43.27

Notes: (1) The shares are directly held by HIP Company Ltd. The voting rights of such shares are attributed to Abu Dhabi Investment Authority and to the Emirates of Abu Dhabi pursuant to Section 22 para. 1 sent. 1 no. 1 WpHG (reference date in each case: 20 May 2014). (2) Norges Bank is the Central Bank of Norway and its voting rights are attributed to the State of Norway pursuant to Section 22 para. 1 sent. 1 no. 1 WpHG (reference date in each case: 25 August 2014). (3) 7.45% of the voting rights of the Guarantor are attributed to BlackRock, Inc. pursuant to Section 22 para. 1 sent. 1 nos. 1, 2 and 6 in connection with sent. 2 WpHG (reference date: 11 February 2015). Such voting rights are attributed to the following companies in varying amounts pursuant to different provisions of Section 22 para. 1 WpHG: BlackRock Holdco 2, Inc. (7.37%) (reference date: 11 February 2015); BlackRock Financial Management, Inc. (7.33%) (reference date: 11 February 2015); BlackRock Advisors Holdings, Inc. (4.98%) (reference date: 8 January 2015); BlackRock International Holdings, Inc. (4.98%) (reference date: 8 January 2015); BR Jersey International Holdings L.P. (4.98%) (reference date: 8 January 2015); BlackRock Delaware Holdings Inc. (3.33%) (reference date: 11 February 2015); BlackRock Holdco 4, LLC (3.33%) (reference date: 11 February 2015); BlackRock Holdco 6, LLC (3.33%) (reference date: 11 February 2015); BlackRock Investment Management (UK) Limited (2.98%) (reference date: 8 January 2015); BlackRock Group Limited (2,86%) (reference date: 26 February 2015); and BlackRock Luxembourg Holdco S.à r.l. (2.65%) (reference date: 9 January 2015). (4) The shares are directly held by The Wellcome Trust Ltd (reference date: 20 May 2014). (5) The voting rights are attributed to Wellington Management Group LLP pursuant to Section 22 para. 1 sent. 1 nos. 1 and 6, partly in connection with sent. 2, WpHG (reference date: 1 January 2015). (6) Sun Life Financial Inc.; Sun Life Global Investments Inc.; Sun Life Assurance Company of Canada - U.S. Operations Holdings, Inc.; Sun Life Financial (U.S.) Holdings, Inc., Sun Life Financial (U.S.) Investments LLC; Sun Life of Canada (U.S.) Financial Services Holdings, Inc. are each attributed 3.12% of voting rights pursuant to Section 22 para. 1 sent. 1 no. 6 in connection with sent. 2 WpHG. Massachusetts Financial Services Company (MFS) is attributed 2.85% of voting rights of the Guarantor pursuant to Section 22 para. 1 sent. 1 no. 6 WpHG and 0.265% (i.e., a total of 3.12%) pursuant to Section 22 para. 1 sent. 1 no. 6 in connection with sent. 2 WpHG (reference date in each case: 10 March 2014). (7) 3.01% of the voting rights are attributed (i) to Lansdowne Partners (UK) LLP pursuant to Section 22 para. 1 sent. 1 no. 6 WpHG, (ii) to Lansdowne Partners Limited pursuant to Section 22 para. 1 sent. 1 no. 6 in connection with sent. 2 WpHG, and (iii) to Lansdowne Partners International Limited pursuant to Section 22 para. 1 sent. 1 nos. 1, 2 and 6, partly in connection with sent. 2, WpHG (reference date in each case: 23 January 2015). Other shareholders, including those shareholders whose shareholdings represent less than 3 per cent. of the total voting rights in the Guarantor, hold the remaining 56,73 per cent. of the shares of the Guarantor.

All of the Guarantor's shares confer the same voting rights.

Material investments since last published Financial Statements

Except as described under "Recent developments" below, the Guarantor has made no material investments since the date of its last published financial statements and, as at the date of this Prospectus, its management has made no firm commitments on such material investments in the future.

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Recent developments

The purchase agreement concluded with CitCor for around 5,000 residential units and around 210 commercial units was partly rescinded in December 2014 and the Guarantor and various entities of CitCor agreed on the purchase of 94.9 per cent. of certain portfolio holding companies of CitCor by the Guarantor. Prior to closing of the transactions, one commercial unit is expected to be transformed into approximately 100 residential units, which would result in approximately 5,100 residential units and around 210 commercial units being acquired. Closing of both transactions with a combined purchase price of approximately EUR 320 million is expected to occur on 1 April 2015. On 1 December 2014, Deutsche Annington announced its intention to submit a takeover offer for the acquisition of all shares of Gagfah S.A. (the "Gagfah Shares") by way of a combined cash and tender offer against shares in the Guarantor issued for the purpose of the offer (the "DA Offer Shares") and a cash payment (the "Takeover Offer"). On 19 December 2014, it published the Offer Document. On 28 January 2015, the German Cartel Office (Bundeskartellamt) cleared the closing of the Takeover Offer. At the end of the additional acceptance period pursuant to Section 16 para. 2 sentence 1 of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG) that ended on 9 February 2015, 24:00 hours CET, the Takeover Offer had been accepted for 230,954,655 shares of Gagfah or 93.8 per cent. of the Gagfah Shares. Accordingly, the Guarantor received 218,569,096 tendered shares of Gagfah on 6 March 2015. Based on the offer consideration of EUR 122.52 and five DA Offer Shares for every 14 Gagfah Shares, the total offer compensation for the takeover amounted to EUR 2,021,183,166.48 and 82,483,803 DA Offer Shares. In accordance with Luxembourg takeover law, the remaining shareholders of Gagfah S.A. are entitled to require Deutsche Annington to buy their Gagfah Shares at a fair price, which (at such Gagfah S.A.’s shareholder’s choice) will consist of either (i) a mixed consideration of cash and new Deutsche Annington shares equivalent to the Takeover Offer consideration, or (ii) a cash only consideration, which is currently being determined by Deutsche Annington under the surveillance of the Luxembourg financial supervisory authority (Commission de Surveillance du Secteur Financier) (the "Sell-out Right"). Under Luxembourg takeover law, the Sell-out Right may be exercised within a period of three months following the end of the extended acceptance period for the Takeover Offer, i.e. until 10 May 2015. After the closing of the transaction, the new combined portfolio will amount to approximately 343,000 residential units. For fiscal year 2015, Deutsche Annington expects to sell around 1,600 residential units in the privatise portfolio with a fair value step-up of approximately 30 per cent.. In addition, Deutsche Annington plans to continue the opportunistic sale of residential units in the non-core segment at market values throughout fiscal year 2015. While the monthly in-place rent per sqm on 31 December 2014 (including the Vitus Portfolio) was EUR 5.58 per sqm, excluding the effects of the DeWAG and the Vitus Portfolio acquisitions, the residential in-place rent per sqm per month as of 31 December 2014 would have amounted to EUR 5.55, resulting in an increase of the monthly in- place rent on a like-for-like basis, i.e., without changes in the portfolio of the Guarantor over the previous year, of 2.5 per cent.. The vacancy rate decreased slightly from 3.5 per cent. at the end of the fiscal year 2013 to 3.4 per cent. at the end of fiscal year 2014. Rental income – taking into account the acquired DeWAG holdings and the Vitus Portfolio – is EUR 789.3 million for the fiscal year ended on 31 December 2014. For fiscal year 2015, the Group expects an increase of the residential in-place rent between 2.6 per cent. and 2.8 per cent. on a like-for-like basis, resulting in a total increase in rental income by approximately EUR 100 million to between EUR 880 and 900 million. In addition, Deutsche Annington anticipates a further slight decrease in vacancy rates to approximately 3.3 per cent.. The ongoing investment programme with the goal of improving its housing stock continues to prove successful. Deutsche Annington focuses on improving its holdings continuously and sustainably. Deutsche Annington spent more than EUR 170 million on its comprehensive modernisation programme and further modernisation measures. At the end of 2014, Deutsche Annington had renovated more than 5,000 apartments for energy efficiency and more than 2,900 units to meet the needs of elderly people. This means that the ratio of renovations for energy efficiency

323 in the fiscal year 2014 increased to more than 3.0 per cent.. Together with maintenance measures (including capitalised maintenance) Deutsche Annington invested more than EUR 345 million in the modernisation and maintenance (including capitalised maintenance) of the real estate portfolio of the Group during that time span. In fiscal year 2015, Deutsche Annington plans to invest more than EUR 200 million under its ongoing investment programme and a further approximately EUR 200 million for maintenance (including capitalised maintenance), leading to total planned investments of more than EUR 400 million. On 10 March 2015, Standard & Poor's upgraded the long-term corporate credit rating of Deutsche Annington from "BBB" to "BBB+".

Trend information and significant changes

There has been no material adverse change in the prospects of the Guarantor since 31 December 2014.

Except for the Takeover Offer, there has been no significant change in the financial or trading position of the Guarantor since 31 December 2014.

Ratings34

Standard & Poor's Credit Market Services Europe Limited ("Standard & Poor's")35 has assigned the long-term credit rating "BBB+"36 (outlook stable) to the Guarantor.

Auditors

The auditor of Deutsche Annington's annual and consolidated financial statements for the 2013 and 2014 fiscal years was KPMG AG Wirtschaftsprüfungsgesellschaft, Alfredstrasse 277, 45133 Essen, Germany, ("KPMG"). The annual financial statements according to HGB, as well as the consolidated financial statements of Deutsche Annington according to IFRS for the 2013 and 2014 fiscal years, were audited by KPMG and each provided with an unqualified auditor's opinion. KPMG is a member of the German Chamber of Auditors (Wirtschaftsprüferkammer).

Selected Consolidated Financial Information for the Guarantor

The following selected historical financial information for the Group is based on the audited consolidated financial statements of Deutsche Annington Immobilien SE for the fiscal years ended 31 December 2013 and 2014 ("Consolidated Annual Financial Statements") all of which are reproduced elsewhere or incorporated by reference in this Programme, and should be read together with them. The Consolidated Annual Financial Statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted in

34 Rating information is merely an aid for investors for the purposes of decision-making and cannot replace an individual judgment to be made by the investor and may not be taken as a recommendation to purchase or sell certain Notes. Ratings are merely intended as a support when making an investment decision and are only one of the factors relevant to an evaluation, which factor must be seen and weighted in the context of other factors. As ratings often are amended only after the creditworthiness of an issuer or guarantor has changed, investors have to make their own judgments although a rating may exist. 35 Standard & Poor's is established in the European Community and is registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended (the CRA Regulation). The European Securities and Markets Authority publishes on its website (www.esma.europa.eu/page/list-registered-and-certified-CRAs) a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update. 36 Standard & Poor's defines "BBB" as follows: "An obligor rated 'BBB' has an adequate capacity to meet financial commitments, but more subject to adverse economic conditions. The ratings from ‘AA’ to 'CCC' may be modified by the addition of a plus (+) or (-) sign to show relative standing within the major rating categories." Holders should be aware that a credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.

324 the European Union. The Consolidated Annual Financial Statements were audited by KPMG and issued in each case with an unqualified auditor's report. The Consolidated Annual Financial Statements were prepared using the cost summary method.

Consolidated income statement data

For the year ended 31 December 2014 2013 (audited) (in EUR million) Income from property management...... 1,156.6 1,067.6 Profit on disposal of properties (IFRS) ...... 69.0 52.0 Net income from fair value adjustments of investment properties ...... 371.1 553.7 Capitalized internal modernization expenses ...... 85.6 42.0 Cost of materials ...... (542.6) (502.8) Personnel expenses ...... (184.6) (172.1) Depreciation and amortization ...... (7.4) (6.8) Other operating income ...... 65.3 45.8 Other operating expenses ...... (152.4) (104.2) Financial income ...... 8.8 14.0 Financial expenses ...... (280.3) (299.6) Profit before tax ...... 589.1 689.6 Income tax ...... (179.4) (205.4) Profit for the period ...... 409.7 484.2

Consolidated balance sheet data

As of 31 December 2014 2013 (audited)

Total non-current assets ...... 12,980.0 10,352.6 Total current assets ...... 1,779.2 740.2 Total assets ...... 14,759.2 11,092.8 Total equity attributable to DAIG shareholders .... 4,932.6 3,805.5 Non-controlling interests ...... 1,001.6 - Total equity ...... 28.0 12.5 Total non-current liabilities ...... 5962.2 3,818.0 Total current liabilities ...... 8292.9 6,830.7 Total liabilities ...... 504.1 444.1 Total equity and liabilities ...... 8,797.0 7,274.8

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Effects of a successful takeover of Gagfah on the Consolidated Financial Information for the Guarantor as of and for the year ended 31 December 2014

The Guarantor draws attention to the fact that, due to the limited access to the financial information of Gagfah, it is unable to fully evaluate to what extent the accounting, presentation and valuation methodologies used in the preparation of the Explanatory Financial Information (as defined below) of the historical basic figures of Gagfah correspond to the accounting, presentation and valuation methodologies used in the preparation of the Guarantor's consolidated financial statements as of and for the year ended 31 December 2014.

Introduction On 1 December 2014, the Guarantor decided to offer to the shareholders of Gagfah (the "Gagfah Shareholders") to purchase their shares in Gagfah (the "Gagfah Shares") with a par value of EUR 1.25 through a voluntary public takeover offer by means of a combined cash and exchange offer (the "Takeover Offer"). The expected consequences of a successful Takeover Offer, including the share capital increases for mixed capital contributions (gemischte Sacheinlage) and the share capital increase against cash contribution on the consolidated balance sheet of the Guarantor as of 31 December 2014 and the consolidated profit and loss statements of the Guarantor for the fiscal year ended 31 December 2014 are presented below (the "Explanatory Financial Information").

The Explanatory Financial Information has not been audited or reviewed, as these explanatory financials do not qualify as pro forma financial information within the meaning of Annex I section 20.2, Art. 4a para. 6 as well as Annex II to the Council Directive 2004/809/EC of 29 April 2004 (Pro-Forma-Finanzinformationen im Sinne der Verordnung (EG) Nr. 809/2004 der Europäischen Kommission vom 29. April 2004).

The IDW Accounting Reference on the preparation of pro forma financial information (IDW RH HFA 1.004) sets forth the requirements under which financial information qualifies as pro forma information and under which a certification by an auditor is required. One of the key requirements is that the financial information, which is based on the data and explanations of the Guarantor and Gagfah (or the Gagfah group, respectively), must be prepared according to the same accounting principles and that no assumptions may be made with respect to any necessary reconciliation of accounting principles. Since there is no access to the accounting details of Gagfah and the presentation of the effects of the successful Takeover Offer on the assets, financial position and result of operations of the Guarantor as a result of the inclusion of Gagfah (or the Gagfah group, respectively) in the financial information of Deutsche Annington is based on assumptions, there is a significant deviation from the requirements for the preparation of pro forma financial information (IDW RH HFA 1.004) under the IDW Accounting Reference and, accordingly, no review or audit with accompanying certification can be conducted by the auditors.

Due to the lack of access to detailed financial information of Gagfah, the Guarantor has prepared a written explanation of the possible expected impact of a successful Takeover Offer on the net assets, financial position and result of operations of Deutsche Annington, specifically taking into account the capital increases against mixed capital contributions (gemischte Sacheinlagen) and the cash capital increase. The Explanatory Financial Information is based on the illustrative consolidated balance sheet as of 31 December 2014 and the illustrative consolidated profit and loss statement for the fiscal year ended 31 December 2014, which each reflect the impact of a successful takeover of Gagfah by Deutsche Annington.

Purpose of the Explanatory Financial Information The purpose of the Explanatory Financial Information is to outline the significant effects the successful takeover of Gagfah by Deutsche Annington would have on:

• the consolidated profit and loss statement for the fiscal year 2014 of the historical consolidated financial statements of the Guarantor for the fiscal year ended 31 December 2014, if Deutsche

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Annington had existed in the structure created through the acceptance of the Takeover Offer on 1 January 2014; and

• the consolidated balance sheet as of 31 December 2014 of the historical consolidated financial statements of the Guarantor for the fiscal year ended 31 December 2014, if Deutsche Annington had existed in the structure created through the acceptance of the Takeover Offer on 31 December 2014.

The Explanatory Financial Information was prepared for the aforementioned illustrative purposes only. Because of its nature, the Explanatory Financial Information describes only a hypothetical situation and since it contains assumptions, it does not reflect the actual combined net assets, financial position and results of operations of the Gagfah Group and Deutsche Annington. Furthermore, it is not intended to forecast the actual net assets, financial position and results of operations of Deutsche Annington after acquiring Gagfah. It should also be noted that the net assets, financial position and results of operations would differ on the basis of an actual consolidation performed at different points in time and for different time periods. The Explanatory Financial Information is only meaningful when read in conjunction with the Guarantor’s consolidated financial statements for the fiscal year ended 31 December 2014.

Historical Financial Information The Explanatory Financial Information was prepared on the basis of the following historical financial information:

• The audited and published consolidated financial statements of the Guarantor for the fiscal year ended 31 December 2014, which have been prepared in accordance with IFRS and the additional requirements of German commercial law pursuant to Section 315a para. 1 German Commercial Code (Handelsgesetzbuch).

• The audited and published consolidated financial statements of Gagfah for the fiscal year ended 31 December 2014, which have been prepared in accordance with IFRS.

The published historical basic figures used by the Guarantor for the Explanatory Financial Information were prepared in accordance with IFRS. With regard to the accounting principles as well as the accounting, presentation and valuation methodologies applied consistently to the historical basic figures of the Explanatory Financial Information, the Guarantor generally refers to its own and Gagfah’s consolidated financial statements for the fiscal year ended 31 December 2014.

In preparing the Explanatory Financial Information, the Guarantor reclassified certain items presented in Gagfah's audited consolidated statement of financial position and made adjustments to the figures presented in Gagfah's audited consolidated statement of comprehensive income, in each case based on or derived from the audited financial information included in Gagfah's annual report for the fiscal year ended 31 December 2014, to reconcile the information to the classifications and the total cost method as used by the Guarantor in the preparation of its consolidated balance sheet and consolidated profit and loss statement.

Since the Guarantor was only able to use Gagfah's published financial information for the preparation of the Explanatory Financial Information, it was ultimately unable to assess to what extent the accounting, presentation and valuation methodologies used in the preparation of the financial information of the historical basic figures of Gagfah correspond to the accounting, presentation and valuation methodologies used in the preparation of the Guarantor's explanatory consolidated financial statements for the fiscal year ended 31 December 2014.

Principles used in the Preparation The illustrative adjustments undertaken are based on publicly available information, estimates and certain assumptions. The section entitled "—Purpose of the Explanatory Financial Information—Historical Financial Information" describes that limited access to the financial information of Gagfah leads the Guarantor to conclude that it cannot definitively ascertain any hidden reserves or liabilities as part of the purchase price allocation under

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IFRS 3 for the fictional acquisition of Gagfah, and that the adjustments made in the presented Explanatory Financial Information are therefore subject to considerable uncertainty.

Takeover Offer to the Gagfah Shareholders The Guarantor made a voluntary public takeover offer to all Gagfah Shareholders to purchase their Gagfah Shares with a par value of EUR 1.25 per share by way of a combined cash and exchange offer. For every 14 Gagfah Shares, the Guarantor has offered a combined consideration consisting of a payment in cash of EUR 122.52 and of five new registered shares in the Guarantor with a proportional amount of the share capital of EUR 1.00 per share.

At the end of the additional acceptance period pursuant to Section 16 para. 2 sentence 1 of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG) on 9 February 2015, 24:00 hours CET, the Takeover Offer had been accepted for 230,954,655 shares of Gagfah or 93.8 per cent. of the Gagfah Shares. In connection with the public takeover offer for the Gagfah Shares, the Guarantor entered into an agreement with J.P. Morgan under which the latter will acquire 12,385,559 tendered Gagfah Shares (the "Excess Shares") as the Gagfah shareholders tendered more than 90.0 per cent. of the Gagfah Shares in connection with the Takeover Offer. Accordingly, the Guarantor received 218,569,096 tendered shares of Gagfah, i.e. 88.8 per cent. of the share capital of Gagfah. In accordance with Section 16 para. 1 of the Luxembourg Takeover Act, the remaining shareholders of Gagfah S.A. are entitled to require Deutsche Annington to buy their Gagfah Shares at a fair price, which (at such Gagfah S.A.’s shareholder’s choice) will consist of either (i) a mixed consideration of cash and new Deutsche Annington shares equivalent to the Takeover Offer consideration, or (ii) a cash only consideration, which is currently being determined by Deutsche Annington under the surveillance of the Luxembourg financial supervisory authority (Commission de Surveillance du Secteur Financier) (the "Sell-out Right"). Under Luxembourg takeover law, the Sell-out Right may be exercised within a period of three months following the end of the acceptance period for the Takeover Offer, i.e. until 10 May 2015.

The new shares in the Guarantor which have been transferred to Gagfah Shareholders who tendered their Gagfah Shares have been issued from the Guarantor’s authorised capital. Disregarding the up to 6,256,580 new shares which may become necessary in order to fulfil any claims of Gagfah Shareholders using the Sell-out Right under Luxembourg takeover law after the end of the additional acceptance period, the share capital of the Guarantor has been increased by EUR 82,483,803.00 from EUR 271,622,425.00 to EUR 354,106,228.00 through the issuance of up to 82,483,803 new registered shares in the Guarantor with no par value, a proportionate share of the share capital of EUR 1.00 per share and dividend rights for fiscal year 2014. Of these 82,483,803 new registered shares, 78,060,390 shares have been issued against mixed contribution in kind (gemischte Sacheinlage) and 4,423,413 shares have been issued against contribution in cash. For further information on the capital increases, see "Description of the Intended Takeover of Gagfah S.A.—Offer Capital Increases". The notional value of the new registered shares in the Guarantor amounts to EUR 1.00. The difference between the notional value and the contribution amount of the mixed contribution in kind (gemischte Sacheinlage), i.e. the tendered Gagfah Shares, and between the notional value and the issue price of the contribution in cash shall be treated as a voluntary payment based on a contractual agreement.

Procedure and Assumptions in the Preparation of the Explanatory Financial Information The Explanatory Consolidated Financial Information was prepared under the assumption that the implementation of the Takeover Offer had been completed on 1 January 2014 (for the illustrative consolidated profit and loss statement) or on 31 December 2014 (for the illustrative consolidated balance sheet).

The Explanatory Financial Information discussed here is based on the following starting assumption and subsequent assumptions:

Starting Assumption: The acquisition of the Gagfah Shares will constitute a business combination within the meaning of IFRS 3. According to IFRS 3.10, Deutsche Annington’s acquisition costs for the Gagfah Shares are compared to the pro

328 rata fair value of net assets (based on the fair value of the acquired, identifiable assets and the assumed liabilities) determined in connection with the purchase price allocation at the time of the accepted acquisition. Any positive difference arising from the comparison will be recognised as goodwill. For the purpose of simplification, it is assumed that the fair value of the net assets remains unchanged for the period between 31 December 2014 and the actual time of the proposed acquisition of 88.8 per cent. of the Gagfah Shares.

A final determination of the total acquisition costs the Guarantor will have to bear will only be possible after the expiration of the Sell-out Right. The acquisition costs of the Guarantor for 88.8 per cent. of the Gagfah Shares in accordance with the consideration described above are assumed to amount to EUR 180.0 million. The value of the DA Offer Shares offered against the outstanding Gagfah Shares from the share capital increases against mixed contribution in kind (gemischte Sacheinlage) is based on the closing share price on 2 March 2015 on the XETRA trading platform of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) and amounts to EUR 34.93 per share in the Guarantor. For the purpose of the final acquisition price allocation, the acquisition costs will be derived from the Guarantor’s share price on the acquisition date.

Since the estimate of the fair value of the acquired identifiable assets and the assumed liabilities and, as a result, the fair value of the net assets of Gagfah, could solely be based on Gagfah’s published financial information by the Guarantor, such fair values were only included for those assets and liabilities for which Gagfah determined a valuation at fair value or for which the fair values were reported in Gagfah’s published consolidated financial statements for the fiscal year ended 31 December 2014.

Given that the Guarantor has no access to the details of the accounting methods used by Gagfah, a reconciliation can only be achieved by making certain assumptions. On the basis of publicly available information from the consolidated financial statements, the Guarantor believes that the respective IFRS accounting methods used by the Guarantor and by Gagfah differ significantly in at least the following respects:

• The Guarantor prepares its profit and loss statement according to the total cost method while Gagfah prepares its profit and loss statement according to the cost of sales method. Without access to the underlying cost accounting an unambiguous reconciliation to profit and loss statements based on the total cost method is impossible.

• The premises used in the actuarial determination of pension obligations differ in at least two important respects (discount rate and rate of compensation increase).

• The parameters for the calculation of the fair value of investment properties also differ significantly.

• The accounting for assets held for sale differs to the extent that the Guarantor uses the latest possible point in time under IFRS – the notarisation of the sale and purchase agreement – to recognise the result and change the disclosure in that regard. The Guarantor, as opposed to Gagfah, no longer recognises trading properties, which results in a different presentation and a deviating recognition of results.

The Guarantor believes that there are further differences in accounting principles which are not identifiable by the Gurantor through analysis of publicly available information. In particular, differing yield interest curves and margins may have been applied with respect to the fair value accounting of financial assets and financial liabilities.

The Guarantor believes that, at least for the following assets and liabilities of Gagfah, no fair value could be calculated or recognised on the basis of publicly available information, in particular with regard to a purchase price allocation:

• property, plant and equipment and other intangible assets (including intangible assets not included in the consolidated balance sheet of Gagfah),

• other assets and liabilities,

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• liabilities from finance leases,

• pension commitments to employees in connection with the membership of Gagfah in the pension institution of the Federal Republic of Germany and the federal states (Bundesländer),

• accrued claims resulting from share-based compensation, and

• contingent liabilities.

Furthermore, due to the lack of publicly available information, the Guarantor did not make fair value adjustments that could arise from termination clauses – i.e., for financial liabilities –in connection with a change of control. In addition, the Guarantor can make no statement regarding the retention of hedge accounting with respect to interest rate derivatives. Given the intended transaction structure and the tax situation, the Guarantor assumes that an adjustment of balance sheet line items for tax purposes will not be necessary. For the income tax expenses in the illustrative consolidated profit and loss statements, the Guarantor calculates with its marginal tax rate of 31.225 per cent. (where the corporate income tax rate, including the solidarity surcharge, is calculated at 15.825 per cent. and trade tax rate is calculated at 15.4 per cent.).

As a consequence of the limited access to the financial information of Gagfah, the fair value of the net assets calculated in connection with the purchase price allocation may differ from the fair value of the net assets that could be determined given full access to the financial information of Gagfah. As such, the pro forma adjustments that could be made to the pro forma balance sheet and the illustrative consolidated profit and loss statements, if the financial information of Gagfah were fully accessible, differ from the adjustments that are contained herein.

Accordingly, Gagfah is included in the Explanatory Financial Information on the basis of the publicly available financial statements, including the audited and published financial statements of Gagfah for the fiscal year ended 31 December 2014, for which the auditor issued an unqualified auditor’s report.

Assumptions: The Explanatory Financial Information relies on the following assumptions:

• 88.8 per cent. of the Gagfah Shares have been acquired by the Guarantor. Effects of the exercise of the Sell-out Right by any Gagfah Shareholders are not recognised.

• The number of Gagfah Shares on 31 December 2014 (for purposes of the illustrative balance sheet) or for fiscal year 2014 (for purposes of the illustrative profit and loss statement) is adjusted for the effects of the complete exercise of convertible bonds in a nominal amount of EUR 375.0 million which were issued by Gagfah in 2014.

• Acquisition costs for 88.8 per cent. of the Gagfah Shares (excluding transaction costs) amount to EUR 4.639.4 million.

• The financing of the Takeover Offer is accomplished through the issuance of 82,483,803 DA Offer Shares and the disbursement of EUR 2,200.0 million under the DA Credit Agreement. The Guarantor will completely repay the drawing under the DA Credit Agreement at its maturity. The annual interest rate is assumed to be 3.0 per cent., which corresponds to the volume-weighted average of interest rates on Deutsche Annington’s financial liabilities as of 31 December 2014. The interest payments are included in the Group’s illustrative profit and loss account for the fiscal year from 1 January 2014 to 31 December 2014, but not in the illustrative consolidated balance sheet as of 31 December 2014, since (for purposes of the illustrative consolidated balance sheet) it is assumed that the transaction will occur on this date.

• Comparing the assumed pro rata fair value of net assets of EUR 2,265.3 million (taking into account the adjustment for the existing Gagfah goodwill in the amount of EUR 9.3 million), with the

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consideration for 88.8 per cent. of the Gagfah Shares in the amount of EUR 4,639.4 million, results in an arithmetic difference of EUR 2,374.2 million, which qualifies as goodwill and is reported as such.

• There are transaction costs of EUR 180.0 million, thereof EUR 50.0 million are ancillary acquisition costs for the acquisition of 88.8 per cent. of the Gagfah Shares and thereof approximately EUR 3.0 million are allotted to costs related to the required capital increases against cash contribution, which are represented as IFRS 3 costs for the period. In addition, EUR 127.0 million are considered costs related to the debt financing of the cash components and transaction costs, which will lower the amount with which the liability under the DA Credit Agreement in an amount of EUR 2,200.0 million is recognised according to IAS 39.43. Any compensation obligation owed by the Guarantor to J.P. Morgan in connection with the Excess Shares was not taken into account.

• The Guarantor recognises no time-dependent costs except for the interest expenses mentioned above as their value is unknown at this time and cannot be reliably estimated. The Guarantor considers acquisition-related costs as an expense on the IFRS Financial Statements per IFRS 3.

• In addition, the Guarantor takes into account the debt of Gagfah in the amount of EUR 5,736.1 million (assuming a full conversion of all convertible bonds issued by Gagfah into newly issued Gagfah Shares).

• The synergies expected to be realised in the future are not taken into account by the Guarantor.

• The public annual financial statements prepared according to IFRS and HGB accounting principles correspond in principle to the Guarantor’s applicable accounting principles and can therefore be used as if they were public.

• There are no transactions that need to be eliminated and hence, no requirement to offset any liabilities or results, so that information derived from the financial statements could have been added up. Only an illustrative capital consolidation is conducted.

Methodology to the Explanation of the expected Effects of a successful Takeover Offer on the Net Assets, Financial Position and Result of Operations of the Guarantor with special consideration to the capital increase against mixed contribution in kind

IFRS Consolidated Financial Statements of the Guarantor The expected possible effects of a successful Takeover Offer on the net assets, financial position and result of operations of the Group are based on the Guarantor’s consolidated financial statements for the fiscal year ended 31 December 2014.

The Guarantor believes that the conditions stipulated by the Institute of Public Auditors in Germany (Institut der Wirtschaftsprüfer, IDW) for pro forma financial information are not met, so in the following discussions the main line items of the balance sheet as well as of the profit and loss statements are used to explain the effects of an inclusion of Gagfah on the net assets, the financial position and results of operations of Deutsche Annington.

In order to assess the likely effects of the acquisition of the Gagfah Shares on the net assets, the financial position and results of operations of Deutsche Annington, the Guarantor undertook a preliminary and unaudited estimation of the financial situation resulting from an accepted Takeover Offer of 93.8 per cent. and an acquisition of 88.8 per cent. of the Gagfah Shares on figures in the illustrative consolidated profit and loss statement of the Guarantor for the fiscal year from 1 January 2014 until 31 December 2014 and the illustrative consolidated balance sheet of the Guarantor for the fiscal year ended 31 December 2014 on the basis of the financial statements of the Guarantor and Gagfah for the fiscal year from 1 January 2014 until 31 December 2014.

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Apart from the proposed acquisition of the Gagfah Shares, the following presentation contains no other effects on the net assets, financial position and result of operations of Deutsche Annington. It should further be noted that the effects of the takeover of Gagfah on the future net assets, financial position and results of operations of Deutsche Annington cannot be accurately predicted today. The Guarantor believes the most significant reasons for this are the following:

• The exact amount of Deutsche Annington’s costs and transaction-related costs in connection with the Takeover Offer can only be determined after the completion of the Takeover Offer. This holds true even with respect to one-time costs related to the financing.

• Certain integration measures which will be undertaken, if possible, after completion of the Takeover Offer, were not considered. Furthermore, the synergy effects and business opportunities of Deutsche Annington and Gagfah as well as the necessary recurring expenses to achieve these synergies could not be conclusively estimated. Therefore, the Guarantor has not included them in the presentation. Likewise, possible recurring expenses in the context of refinancing existing liabilities of Gagfah were not included by the Guarantor.

• The Guarantor’s accounting is in accordance with IFRS and the additional requirements of German commercial law pursuant to Section 315a (1) German GAAP (Handelsgesetzbuch). Gagfah’s accounting is in accordance with IFRS. Hence, the financial statements are prepared on the basis of identical accounting standards, but information on the company-specific application to Gagfah has not been available to the Guarantor. Moreover, a difference exists with regard to the additional requirements of German commercial law pursuant to Section 315a (1) German GAAP (Handelsgesetzbuch) that are not applicable to Gagfah.

• As part of the first-time consolidation, the Guarantor will perform an allocation of the purchase price on the acquired assets and liabilities. Since this is only possible after the takeover of Gagfah, the Guarantor has not performed an allocation to individual balance sheet items. The total amount of the difference from the capital consolidation was therefore presented by the Guarantor as intangible assets in the form of goodwill. The results of operations of the Guarantor also do not reflect any impact from increased depreciation in connection with a revaluation of the assets acquired. However, the Guarantor, relying upon its experience in the residential property business, believes that there will be no significant impact of additional depreciation, as investment properties cannot be written off under IAS 40.

• After the completion of the Takeover Offer, Deutsche Annington’s business activities will be significantly influenced by holding and managing its stake in Gagfah. The income of Deutsche Annington after this point in time will therefore be significantly influenced by the income generated by its stake in Gagfah.

Illustrative Consolidated Profit and Loss Statement for the year ended 31 December 2014 as well as Illustrative Balance Sheet as of 31 December 2014 The following tables, subject to the reservations and assumptions described above, show the illustrative balance sheet as of 31 December 2014 as well as the illustrative consolidated profit and loss statement for the year ended 31 December 2014:

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Illustrative Balance Sheet as of 31 December 2014 The following information is based on the audited consolidated balance sheets of the Guarantor and Gagfah as of 31 December 2014.

Consolidated Adjustments to Balance Sheet the Illustrative Consolidated Gagfah S.A. Adjustments to Consolidated Consolidated Balance Sheet adjusted for the the Balance Sheet Balance Sheet Deutsche Consolidated exercise of Consolidated of Deutsche of Deutsche Annington Balance Sheet convertible Balance Sheet Annington Annington Immobilien SE Gagfah S.A. bonds of Gagfah S.A. Immobilien SE Immobilien SE As of 31 December 2014

(in EUR million)

ASSETS

Intangible assets ...... 2.5 0.9 0.9 3.4

Goodwill ...... 106.0 9.3 9.3 (9.3) 2,374.2 2,480.2

Property, plant and equipment .... 29.0 33.8 33.8 62.8

Investment properties ...... 12,687.2 7,826.2(1) 7,826.2(1) 20,513.4

Financial assets ...... 93.2 9.7 9.7 102.9

Other assets ...... 47.0 0.0 0.0 47.0

Income tax receivables ...... 0.1 0.0 0.0 0.1

Deferred tax assets ...... 15.0 25.1 25.1 40.1

Total non-current assets ...... 12,980.0 7,905.0 7,905.0 (9.3) 2,374.2 23,249.9

Inventories ...... 2.2 8.1(2) 8.1(2) 10.3

Trade receivables...... 65.1 46.5 46.5 111.6

Financial assets ...... 2.0 0.0 0.0 2.0

Other assets ...... 77.5 50.2 50.2 127.7

Income tax receivables ...... 13.8 6.5 6.5 20.3

Cash and cash equivalents ...... 1,564.8 154.9 154.9 221.7 1,941.4

Assets held for sale ...... 53.8 94.5 94.5 148.3

Total current assets ...... 1,779.2 360.7 360.7 0.0 221.7 2,361.6

Total assets ...... 14,759.2 8,265.7 8,265.7 (9.3) 2,595.9 25,611.5

EQUITY AND LIABILITIES

Subscribed capital ...... 271.6 269,9 308.0 (225.5) 354.1

Capital reserves ...... 2,076.0 1,085.9 1,422.8 1,332.9 4,831.7

Legal reserve ...... 0.0 28.2 28.2 (28.2) 0.0

Retained earnings ...... 2,643.4 801.3 801.3 (9.3) (842.0) 2,593.4

Other reserves ...... (58.4) 0.0 0.0 (58.4)

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(in EUR million)

Total equity attributable to the Guarantor's shareholders ...... 4,932.6 2,185.3 2,560.3 (9.3) 237.2 7,720.8

Equity attributable to hybrid capital investors 1,001.6 0.0 0.0 1,001.6

Total equity attributable to the Guarantor’s shareholders and hybrid capital investors 5,934.2 2,185.3 2,560.3 (9.3) 237.2 8,722.4

Non-controlling interest ...... 28.0 (30.7) (30.7) 285.7 283.0

Total equity ...... 5,962.2 2,154.6 2,529.6 (9.3) 522.9 9,005.4

Provisions ...... 422.1 148.0 148.0 570.1

Trade payables ...... 1.0 0.0 0.0 1.0

Non derivative financial liabilities ...... 6,539.5 4,395.7 4,020.7 2,073.0 12,633.2

Derivative financial liabilities 54.5 110.7 110.7 165.2

Liabilities from finance leases .... 88.1 5.4 5.4 93.5

Liabilities against non- controlling shareholders ...... 46.3 3.2 3.2 49.5

Liabilities from income tax ...... 0.0 28.0 28.0 28.0

Other liabilities 8.6 21.4 21.4 30.0

Deferred tax liabilities ...... 1,132.8 448.0 448.0 1,580.8

Total non-current liabilities ...... 8,292.9 5,160.4 4,785.4 0.0 2,073.0 15,151.3

Provisions ...... 211.3 55.7 55.7 267.0

Trade payables ...... 51.5 31.9 31.9 83.4

Non derivative financial liabilities ...... 125.3 532.3 532.3 657.6

Derivative financial liabilities 21.9 191.6 191.6 213.5

Liabilities from finance leases 4.4 0.0 0.0 4.4

Liabilities to non controlling interests 7.5 0.0 0.0 7.5

Liabilities from income tax ...... 0.0 42.6 42.6 42.6

Other liabilities ...... 82.2 96.6 96.6 178.8

Total current liabilities ...... 504.1 950.7 950.7 0.0 0.0 1,454.8

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(in EUR million)

Total liabilities ...... 8,797.0 6,111.1 5,736.1 0.0 2,073.0 16,606.1

Total equity and liabilities ...... 14,759.2 8,265.7 8,265.7 (9.3) 2,595.9 25,611.5

______(1) Reflects adjustments resulting from (i) the reclassification of EUR 57.1 million and EUR 3.5 million of non-current and current deferred liabilities of government-granted loans presented on Gagfah’s consolidated statement of financial position as of December 31, 2014 to investment properties in accordance with the Guarantor’s accounting methodology which recognises such items in connection with the valuation of investment properties and (ii) the reclassification of EUR 2.3 million of land rights without buildings and EUR 0.3 million of land and land rights with finished buildings from inventories on Gagfah’s consolidated statement of financial position as of December 31, 2014 to investment properties in this presentation in accordance with the Guarantor’s accounting methodology. This results in investment properties in this presentation being EUR 58.0 million lower compared to investment properties of EUR 7,884.2 million presented on Gagfah’s consolidated statement of financial position as of December 31, 2014. (2) Excludes EUR 2.3 million of land rights without buildings and EUR 0.3 million of land and land rights with finished buildings reclassified from inventories as presented on Gagfah’s consolidated statement of financial position as of December 31, 2014 to investment properties in this presentation.

Table 1: Illustrative consolidated balance sheet for the Guarantor as of 31 December 2014 after successful takeover of 88.8 per cent. of the Gagfah Shares.

• The offer consideration for the acquisition of 88.8 per cent. of the Gagfah Shares amounts to EUR 4,639.4 million (excluding ancillary acquisition costs of approximately EUR 50.0 million for the Gagfah Shares) and will be paid by a cash payment of EUR 1,912.8 million and an issuance of 78,060,390 DA Offer Shares. Another 4,423,413 DA Offer Shares will be issued to J.P. Morgan against contribution in cash in the amount of EUR 114.5 million.

• Goodwill of EUR 2,374.2 million is calculated as the difference between the acquisition costs of the Guarantor for 88.8 per cent. of the Gagfah Shares, i.e. EUR 4,639.4 million, and the pro rata fair value of net assets of Gagfah of EUR 2,265.3 million. The pro rata fair value of net assets was calculated by adjusting the total equity attributable to Gagfah’s Shareholders in an amount of EUR 2,560.3 million by Gagfah’s existing goodwill in an amount of EUR 9.3 million and multiplying the result with the acquired participation of 88.8 per cent. of the Gagfah Shares.

• The goodwill which was recognised in the consolidated balance sheet of Gagfah in the amount of EUR 9.3 million shall be eliminated in the course of the transaction.

• For the equity subject to consolidation, as determined by the Guarantor and Gagfah, the corresponding non-controlling interest was recognised as 11.2 per cent. of the Gagfah Shares, so that the minority interest is increased by EUR 285.7 million from EUR (2.7) million to EUR 283.0 million.

• Investment properties constitute, by far, the most significant portions of the balance sheets of Deutsche Annington and Gagfah. Since these are already accounted for at fair value in accordance with IAS 40, a purchase price allocation has been waived. This item amounts to 86.0 per cent. of the Guarantor’s total assets as of 31 December 2014. The investment properties of Gagfah amount to 94.7 per cent. of the balance sheet total. The investment properties item of Deutsche Annington would increase by EUR 7,826.2 million, from EUR 12,687.2 million to EUR 20,513.4 million. The proportion of the

335

investment properties to the total assets decreases to 80.1 per cent., especially due to goodwill, whose proportion of the total assets increases to 9.7 per cent..

• Cash and cash equivalents of Deutsche Annington decrease to 7.6 per cent. after the takeover, measured as a proportion of total assets of the consolidated financial statements of the Guarantor.

• Total equity capital attributable to the shareholders of the Guarantor increases by EUR 522.9 million due to the capital increases against mixed contribution in kind (gemischte Sacheinlage) and against contribution in cash in a total amount of EUR 2,841.2 million, minus the expected ancillary acquisition costs of EUR 50.0 million for 88.8 per cent. of the Gagfah Shares as well as EUR 3.0 million allotted to costs related to the required capital increases against cash contribution.

• The equity ratio (including non-controlling interest) decreases from 40.4 per cent. to 35.2 per cent..

• The debt financing of Deutsche Annington after completion of the Takeover Offer will increase by EUR 2,073.0 million (including any financing costs of approximately EUR 127.0 million), plus the acquired financial debt of Gagfah in the amount of EUR 5,736.1 million (assuming a full conversion of all convertible bonds issued by Gagfah into newly issued Gagfah Shares), to EUR 16,606.1 million.

• The other values increase through the addition of the values of the consolidated balance sheets of the Guarantor and Gagfah.

Illustrative Profit and Loss Statement for the Year ended 31 December 2014 Based on the consolidated profit and loss statement of the Guarantor for the fiscal year ended 31 December 2014, the successful Takeover Offer would have the following effects:

Illustrative Consolidated Consolidated Profit and Loss Profit and Loss Statement of Consolidated Statement of Deutsche Profit and Loss Deutsche Annington Statement of Annington Immobilien SE Gagfah S.A.(1) Adjustments Immobilien SE

For the fiscal year ended 31 December 2014

(in EUR million)

Income from property letting...... 1,138.4 832.5 1,970.9

Other income from property management ... 18.2 13.2 31.4

Income from Property Management ...... 1,156.6 845.7 2,002.3

Income from sale of properties ...... 287.3 224.2 511.5

Carrying amount of properties sold ...... (243.4) (206.4) (449.8)

Revaluation of assets held for sale ...... 25.1 0.5 25.6

Profit on disposal of properties ...... 69.0 18.3 87.3

Net income from fair value adjustments of investment properties ...... 371.1 161.4 532.5

Capitalised internal expenses ...... 85.6 0.0 85.6

Cost of materials...... (542.6) (354.9) (897.5)

Personnel expenses ...... (184.6) (101.1) (285.7)

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For the fiscal year ended 31 December 2014

(in EUR million)

Depreciation and amortisation ...... (7.4) (18.2) (25.6)

Other operating income ...... 65.3 15.2 80.5

Other operating expenses ...... (152.4) (94.9) (50.0) (297.3)

Financial income ...... 8.8 1.4 10.2

Financial expenses...... (280.3) (364.6) (66.0) (710.9)

Profit before tax ...... 589.1 108.3 (116.0) 581.4

Income tax ...... (179.4) (125.2) 36.2(3) (268.4)

Profit for the period ...... 409.7 (16.9) (79.8) 313.0

Attributable to:

The Guarantor's shareholders ...... 401.4 (25.2) (76.9) 299.3

The Guarantor’s hybrid capital investors 1.2 0.0 1.2

Non-controlling interest ...... 7.1 8.3 (2.9) 12.5

Earnings per share (in EUR ) ...... 1.64 (0.12) 0.92

EBIT(2) ...... 860.6 471.5 (50.0) 1,282.1

EBITDA(2) ...... 868.0 489.7(4) (50.0) 1,307.7

______(1) The consolidated statement of comprehensive income included in Gagfah’s annual report for the fiscal year ended 31 December 2014 is based on the cost of sales method while, for purposes of reconciliation, the figures herein are presented in accordance with the total cost method as used by the Guarantor in its financial reporting. The information presented herein was derived from the audited financial information included in Gagfah’s annual report for the fiscal year ended 31 December 2014. (2) Including net income from fair value adjustments of investment properties. (3) The income tax adjustment in the illustrative consolidated profit and loss statement of the Guarantor for the fiscal year 2014 was computed by applying the marginal tax rate of the Guarantor of 31.225% to the adjustment to profit before tax. (4) As reported in Gagfah’s annual report for the fiscal year 2014.

Table 2: Illustrative consolidated profit and loss statement of the Guarantor for the fiscal year 2014 following the acquisition of Gagfah (simplified).

• The income from property management increases by EUR 845.7 from EUR 1,156.6 million to EUR 2,002.3 million.

• EBIT increases by EUR 421.5 million from EUR 860.6 million to EUR 1,282.1 million, taking into consideration the ancillary acquisition costs recognised at EUR 50.0 million.

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• The adjustment of EUR 116.0 million in the profit before tax relates to ancillary acquisition costs recognised at EUR 50.0 million for 88.8 per cent. of the Gagfah Shares and interest payments recognised at EUR 66.0 million from the debt financing under the DA Credit Agreement in the amount of EUR 2,200 million, assuming it is paid out at the beginning of the year. The annual interest rate is assumed at 3.0 per cent.. It corresponds to the weighted average of interest rates on Deutsche Annington’s financial liabilities as of 31 December 2014. The profit before tax correspondingly decreases by this amount.

• The profit attributable to non-controlling interest decreased by EUR (2.9) million, corresponding to 11.2 per cent. of the Gagfah Shares related to the profit for the period attributable to the Gagfah Shareholders for fiscal year 2014.

338

USE OF PROCEEDS

The net proceeds from each issue of Notes by the Issuer will generally be used for general corporate and financing purposes of the Deutsche Annington Group. These general corporate and financial purposes may include, among other things, the refinancing of existing indebtedness, acquisitions, the underpinning of pension obligations and general working capital requirements. If in respect of any particular issue there is a particular identified use of proceeds, this will be stated in the applicable Final Terms.

339

TAXATION

The following discussion of the tax consequences of an investment in the Notes is based on the laws in force on the date of this Prospectus. We emphasize that the tax implications can be subject to alteration due to future changes in law, possibly with retroactive or retrospective effect.

Although this discussion reflects the opinion of the Issuer, it should not be misunderstood as a guarantee in an area of law which is not free from doubt. Further, this discussion is not intended as the sole basis for an investment in the Notes as the individual tax position of the Holder needs to be investigated. Therefore, this statement is confined to a general discussion of certain Luxembourg tax, Austrian tax, Netherlands tax and German income tax consequences of an investment in the Notes.

Prospective Holders are recommended to consult their own tax advisors as to the tax consequences to them of the investment.

Responsibility of the Issuer for the withholding of taxes at source

The Issuer does not assume any responsibility for the withholding of taxes at source.

Grand Duchy of Luxembourg

The following information is of a general nature only and is based on the laws presently in force in Luxembourg, though it is not intended to be, nor should it be construed to be, legal or tax advice. The information contained within this section is limited to certain Luxembourg tax issues only and prospective investors in the Notes should therefore consult their own professional advisors as to the effects of state, local or foreign laws, including Luxembourg tax law, to which they may be subject.

Please be aware that the residence concept used under the respective headings below applies for Luxembourg income tax assessment purposes only. Any reference in the present section to a withholding tax or a tax of a similar nature, or to any other concepts, refers to Luxembourg tax law and/or concepts only.

Withholding Tax Under Luxembourg general tax laws currently in force and with the possible exception of interest paid to certain individual Noteholders or so-called residual entities, there is no withholding tax on payments of principal, premium or interest, nor on accrued but unpaid interest in respect of the Notes, nor is any Luxembourg withholding tax payable upon redemption or repurchase of the Notes Holders. In accordance with the law of 25 November 2014, Luxembourg elected out of the withholding tax system in favour of an automatic exchange of information under the Council Directive 2003/48/EC on the taxation of savings income as from 1 January 2015. Payments of interest or repayments of principal to non resident individual Noteholders or certain so-called residual entities are thus no longer subject to any withholding tax.

In accordance with the law of 23 December 2005, as amended, payments of interest or similar income made or ascribed by a paying agent established in Luxembourg to or to the benefit of an individual beneficial owner who is resident of Luxembourg will be subject to a withholding tax of 10 per cent. Such withholding tax will be in full discharge of income tax if the beneficial owner is an individual acting in the course of the management of his/her private wealth. Responsibility for the withholding of the tax will be assumed by the Luxembourg paying agent.

Inheritance and Gift Tax Where a holder of Notes is a resident of Luxembourg for inheritance tax purposes at the time of his/her death, the Notes are included in his/her taxable estate for inheritance tax assessment purposes.

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Gift tax may be due on a gift or donation of Notes if embodied in a Luxembourg deed passed in front of a Luxembourg notary or recorded in Luxembourg.

Other Taxes In principle, neither the issuance nor the transfer, repurchase or redemption of Notes will give rise to any Luxembourg registration tax or similar taxes.

However, a fixed or ad valorem registration duty may be due upon the registration of the Notes in Luxembourg in the case of legal proceedings before Luxembourg courts or in case the Notes must be produced before an official Luxembourg authority, or in the case of a registration of the Notes on a voluntary basis.

Federal Republic of Germany

The following is a general discussion of certain German tax consequences of the acquisition, holding and disposal of the Notes. It does not purport to be a comprehensive description of all German tax considerations that may be relevant to a decision to purchase Notes, and, in particular, does not consider any specific facts or circumstances that may apply to a particular purchaser. This discussion of the tax consequences of an investment in the Notes is based on the tax laws of Germany currently in force and as applied on the date of this Prospectus, which are subject to change, possibly with retroactive or retrospective effect.

As each Series or Tranche of Notes may be subject to a different tax treatment due to the specific terms of such Series or Tranche of Notes as set out in the respective Final Terms, the following section only provides some general information on the possible tax treatment.

Tax resident holders of the Notes The section "Tax Residents" refers to persons who are tax residents of Germany (i.e. persons whose residence, habitual abode, statutory seat, or place of effective management is located in Germany).

Withholding tax on ongoing payments and capital gains Ongoing payments received by an individual Holder of the Notes will be subject to German withholding tax if the Notes are kept in a custodial account with a German branch of a German or non-German credit institution, a German financial services institution, a German securities trading company or a German securities trading bank (each a "Disbursing Agent", auszahlende Stelle). The tax rate is 25 per cent. (plus 5.5 per cent. solidarity surcharge thereon, the total withholding being 26.375 per cent.) plus church tax, if applicable. Starting from 1 January 2015 an electronic information system for church withholding tax purposes applies in relation to investment income, with the effect that church tax will be collected by the Disbursing Agent by way of withholding unless the investor has filed a blocking notice (Sperrvermerk) with the German Federal Central Tax Office (Bundeszentralamt für Steuern) in which case the investor will be assessed to church tax.

The same treatment applies to capital gains (i.e. the difference between the proceeds from the disposal, redemption, repayment or assignment after deduction of expenses directly related to the disposal, redemption, repayment or assignment and the cost of acquisition) derived by an individual Holder provided the Notes have been held in a custodial account with the same Disbursing Agent since the time of their acquisition. Where Notes are acquired and/or sold in a currency other than Euro, the sales/redemption price and the acquisition costs have to be converted into Euro on the basis of the foreign exchange rates prevailing on the sale or redemption date and the acquisition date respectively. If interest coupons or interest claims are disposed of separately (i.e. without the Notes), the proceeds from the disposition are subject to withholding tax. The same applies to proceeds from the payment of interest coupons or interest claims if the Notes have been disposed of separately.

To the extent the Notes have not been kept in a custodial account with the same Disbursing Agent since the time of their acquisition, upon the disposal, redemption, repayment or assignment withholding tax applies at a rate of

341

26.375 per cent. (including solidarity surcharge, plus church tax, if applicable) on 30 per cent. of the disposal proceeds (plus interest accrued on the Notes ("Accrued Interest", Stückzinsen), if any), unless the current Disbursing Agent has been notified of the actual acquisition costs of the Notes by the previous Disbursing Agent or by a statement of a bank or financial services institution within the European Economic Area or certain other countries in accordance with Art. 17 para. 2 lit. i) of the Savings Directive (e.g. Switzerland or Andorra).

Pursuant to a tax decree issued by the German Federal Ministry of Finance dated 9 October 2012 a bad debt-loss (Forderungsausfall) and a waiver of a receivable (Forderungsverzicht), to the extent the waiver does not qualify as a hidden capital contribution, shall not be treated like a disposal. Accordingly, losses suffered upon such bad debt- loss or waiver shall not be tax-deductible. The same rules should be applicable according to the said tax decree, if the Notes expire worthless so that losses may not be tax-deductible at all. A disposal of the Notes will only be recognized according to the view of the tax authorities, if the received proceeds exceed the respective transaction costs. Where the Notes provide for installment payments, such installment payments shall always qualify as taxable savings income, unless the terms and conditions of the Notes provide explicit information regarding redemption or partial redemption during the term of the Notes and the contractual parties comply with these terms and conditions.

In computing any German tax to be withheld, the Disbursing Agent may generally deduct from the basis of the withholding tax negative investment income realized by the individual Holder of the Notes via the Disbursing Agent (e.g. losses from the sale of other securities with the exception of shares). The Disbursing Agent may also deduct Accrued Interest on the Notes or other securities paid separately upon the acquisition of the respective security via the Disbursing Agent. In addition, subject to certain requirements and restrictions the Disbursing Agent may credit foreign withholding taxes levied on investment income in a given year regarding securities held by the individual Holder in the custodial account with the Disbursing Agent.

Individual Holders may be entitled to an annual allowance (Sparer-Pauschbetrag) of EUR 801 (EUR 1,602 for jointly assessed married couples and for partners in accordance with the registered partnership law (Gesetz über die Eingetragene Lebenspartnerschaft)) for all investment income received in a given year. Upon the individual Holder filing an exemption certificate (Freistellungsauftrag) with the Disbursing Agent, the Disbursing Agent will take the allowance into account when computing the amount of tax to be withheld. No withholding tax will be deducted if the Holder of the Notes has submitted to the Disbursing Agent a certificate of non-assessment (Nichtveranlagungsbescheinigung) issued by the competent local tax office.

German withholding tax will not apply to gains from the disposal, redemption, repayment or assignment of Notes held by a corporation as Holder while ongoing payments, such as interest payments, are subject to withholding tax (irrespective of any deductions of foreign tax and capital losses incurred). The same may apply where the Notes form part of a trade or business, subject to further requirements being met.

Neither the Issuer nor the Guarantor, unless either of them qualifies as Disbursing Agent, is obliged under German law to withhold any withholding tax (Kapitalertragsteuer) on interest payments and upon the sale or redemption of the Notes.

Taxation of current income and capital gains The personal income tax liability of an individual Holder deriving income from capital investments under the Notes is, in principle, settled by the tax withheld. To the extent withholding tax has not been levied, such as in the case of Notes kept in custody abroad or if no Disbursing Agent is involved in the payment process, the individual Holder must report his or her income and capital gains derived from the Notes on his or her tax return and then will also be taxed at a rate of 25 per cent. (plus solidarity surcharge and church tax thereon, where applicable). If the withholding tax on a disposal, redemption, repayment or assignment has been calculated from 30 per cent. of the disposal proceeds (rather than from the actual gain), an individual Holder may and according to the view of German tax authorities in case the actual gain is higher than 30 per cent. of the disposal proceeds must also apply for an assessment on the basis of his or her actual acquisition costs. Further, an individual Holder may request that

342 all investment income of a given year is taxed at his or her lower individual tax rate based upon an assessment to tax with any amounts over withheld being refunded. In each case, the deduction of expenses (other than transaction costs) on an itemized basis is not permitted.

Losses incurred with respect to the Notes can only be off-set against investment income of the individual Holder realized in the same or the following years.

Where Notes form part of a trade or business the withholding tax, if any, will not settle the personal or corporate income tax liability. Where Notes form part of a trade or business, interest (accrued) must be taken into account as income. The respective Holder will have to report income and related (business) expenses on the tax return and the balance will be taxed at the Holder's applicable tax rate. Withholding tax levied, if any, will be credited against the personal or corporate income tax of the Holder. Where Notes form part of a German trade or business the current income and gains from the disposal, redemption, repayment or assignment of the Notes may also be subject to German trade tax.

Non-resident Holders of the Notes Interest, including Accrued Interest, and capital gains are not subject to German taxation, unless (i) the Notes form part of the business property of a permanent establishment, including a permanent representative, or a fixed base maintained in Germany by the Holder or (ii) the income otherwise constitutes German-source income. In cases (i) and (ii) a tax regime similar to that explained above under "Tax resident holders of the Notes" applies.

Non-residents of Germany are, in general, exempt from German withholding tax on interest and the solidarity surcharge thereon. However, where the interest is subject to German taxation as set forth in the preceding paragraph and the Notes are held in a custodial account with a Disbursing Agent, withholding tax may be levied under certain circumstances. Where Notes are not kept in a custodial account with a Disbursing Agent and interest or proceeds from the sale or redemption of a Note or an interest coupon are paid by a Disbursing Agent to a non- resident Holder upon delivery of the Notes or interest coupons, withholding tax generally will apply. The withholding tax may be refunded based on an assessment to tax or under an applicable tax treaty.

Substitution of the Issuer If the Issuer exercises the right to substitute the debtor of the Notes, the substitution might, for German tax purposes, be treated as an exchange of the Notes for new notes issued by the Substitute Debtor and subject to similar taxation rules like the Notes. In particular, such a substitution could result in the recognition of a taxable gain or loss for any Holder of a Note.

Inheritance and Gift Tax No inheritance or gift taxes with respect to any Notes will arise under the laws of Germany, if, in the case of inheritance tax, neither the deceased nor the beneficiary, or, in the case of gift tax, neither the donor nor the donee, is a resident of Germany and such Note is not attributable to a German trade or business for which a permanent establishment is maintained, or a permanent representative has been appointed, in Germany. Exceptions from this rule apply to certain German expatriates.

Other Taxes No stamp, issue or registration taxes or such duties will be payable in Germany in connection with the issuance, delivery or execution of the Notes. Currently, net assets tax is not levied in Germany.

The European Commission and certain EU Member States (including Germany) are currently intending to introduce a financial transaction tax (FTT) (presumably on secondary market transactions involving at least one financial intermediary). It is currently uncertain when the proposed FTT will be enacted by the participating EU Member States and when the FTT will enter into force with regard to dealings with Notes.

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Savings Directive By legislative regulations dated 26 January 2004 the German Federal Government enacted provisions implementing the information exchange on the basis of the Savings Directive into German law. These provisions apply from 1 July 2005.

Republic of Austria

The following discussion of the tax consequences of an investment in the Notes outlines Austrian taxation in relation to the acquisition, the holding and the disposition of the Notes based on applicable laws. However, they do not purport to be a comprehensive description of all tax aspects that could potentially be relevant with respect to the Notes; in particular, no specific relations or circumstances relating to an individual investor shall be taken into consideration. Unless explicitly stated otherwise, the following only addresses individuals who are Austrian tax residents and hold the Securities as private assets. Further, the laws may be subject to amendments at any time after the publication of this Prospectus. The following outline of tax law principles may and shall not substitute the individual advice of any investor.

Resident Holders Individuals with a domicile or habitual abode in Austria and corporate entities with their legal seat or effective place of management in Austria are regarded as residents for Austrian income and corporate income tax law purposes, respectively.

Notes held privately by Austrian resident Individuals Generally income arising with respect to the Notes in the form of either

(i) interest payments (Zinserträge) or

(ii) realized capital gains (Einkünfte aus realisierten Wertsteigerungen) qualifies as 'investment income' (Einkünfte aus Kapitalvermögen) and, as such, is taxed under a special regime at a flat 25 per cent. rate. Realized capital gains are the difference between (a) the amount realized (e.g., the sale proceeds, the redemption or other pay-off amount, or the fair market value in case of a deemed realization) and (b) the acquisition costs; in both cases (amount realized and acquisition costs) including accrued interest, if any.

For Notes held as private assets, the acquisition costs do not include ancillary acquisition costs (Anschaffungsnebenkosten). An average price is determined regarding Notes not acquired at the same time, but held in the same securities account with the same securities identification number. Expenses and costs (Aufwendungen und Ausgaben) that are directly connected with investment income are not tax effective.

Capital gains are not only subject to withholding tax upon an actual disposition or redemption of the Notes, but also upon a deemed realization, particularly upon withdrawals (Entnahmen) of the Notes from the securities account or other transfers of Notes from one securities account to another one. Exemptions are in place upon the transfer to another deposit account, if a certain information procedure is fulfilled. In case of a loss of the Austrian taxing right for the Notes (e.g., due to change of the fiscal residence of the investor), no withholding tax applies as long as the Notes remain on the deposit of an Austrian custodian agent. If the Holder notifies the Austrian custodian agent of his or her change of fiscal residence, the amount taken into account by the Austrian custodian agent upon later disposition or withdrawal is limited to the value increase until change of fiscal residence (certain exceptions apply with regard to EEA member countries, if the investor has made use of the deferral of tax in the tax assessment).

If an Austrian custodian (depotführende Stelle) or an Austrian paying agent (auszahlende Stelle) is involved in paying investment income (interest or capital gains), 25 per cent. withholding tax is to be deducted. The 25 per cent. withholding tax generally results in a final income taxation; an option to assess the income at the progressive

344 income tax rate exists (in particular relevant for investors whose regular personal income tax rate is lower than 25 per cent.). If no withholding tax is imposed (e.g., because the Notes are held through a foreign paying agent), the investment income arising from the Notes generally has to be included in the Holder's income tax return in accordance with the law, but is nevertheless subject to the 25 per cent. flat tax.

Losses from Notes held as private assets may only offset investment income (excluding, inter alia, interest income from bank deposits and other claims against banks) and must not offset any other income. Mandatory loss- offsetting rules to be handled by Austrian custodians apply. A carry-forward of losses is not possible in this context.

Notes held as business assets by Austrian resident Individuals Generally, the same rules as described in the previous heading apply regarding Notes that are held as business assets by tax residents who are individuals. The most important differences are the following:

• Realized capital gains, contrary to interest income, have to be included in the tax return, since despite a 25 per cent. withholding taxation that is also imposed in the context of Notes held as business assets if an Austrian custodian is involved, no final income taxation applies.

• Write-downs and realized losses regarding the Notes held as business assets may be offset with positive income from realized capital gains of such financial assets, income from derivatives and with income from appreciations in value of such assets in the first place; 50 per cent. of the remaining losses may be offset against other income or carried forward. The custodian agent does not implement the offsetting of losses (as mentioned above) with respect to deposit accounts that are not privately held; instead losses are taken into account upon assessment.

• The acquisition costs of Notes held as business assets may also include ancillary costs incurred upon the acquisition.

It is noted that expenses and costs (Aufwendungen und Ausgaben) directly connected with investment income are also not tax effective in case the Notes are held as business assets.

Notes held by Austrian resident corporations Corporate Holders deriving business income from the Notes may avoid the application of withholding tax by filing a declaration of exemption (Befreiungserklärung) with the Austrian withholding tax agent. Income derived from the Notes by corporate Holders (including any capital gains) is subject to corporate income tax at the general corporate income tax rate of 25 per cent.

Non-resident Holders As of January 1, 2015, interest income from the Notes paid to investors who are individuals resident outside the EU (i.e. not covered by the EU Savings Tax Directive) would be subject to taxation in Austria if withholding taxation fell due, because the interest was paid by an Austrian withholding tax agent (i.e. an Austrian paying agent or an Austrian custodian), and if the debtor of the interest income had its seat or its place of management in Austria. Since the Issuer has its seat and place of management in Germany, non-resident investors not covered by the EU Savings Tax Directive are not subject to taxation with interest payments received from the Notes through an Austrian withholding tax agent, unless the interest is paid by a permanent establishment of the Issuer in Austria.

An Austrian paying agent (Austrian bank or Austrian branch of a non-Austrian bank or investment service provider domiciled in the EU) nevertheless has to retain withholding tax if the Holder has not provided evidence that he is not resident in Austria. Any deducted withholding tax may however be recovered in a tax refund procedure. A limited Austrian tax liability however applies if the Notes are attributed to an Austrian permanent establishment. A special withholding tax of 35 per cent. on interest payments as well as other provisions potentially applies to individuals that are residents of another EU Member State (see hereafter under the heading Savings Directive).

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Substitution of the Issuer If the Issuer exercises the right to substitute the debtor of the Notes, the substitution might, for Austrian tax law purposes, be treated as an exchange of notes triggering realized capital gains at the level of the Holders and could therefore result in the recognition of a taxable gain or loss for any Holder of a Note.

EU Savings Directive EU Council Directive 2003/48/EC on taxation of savings income in the form of interest payments (EU Savings Directive) provides for an exchange of information between the authorities of EU Member States regarding interest payments made in one Member State to beneficial owners who are individuals and resident for tax purposes in another Member State. Austria has implemented the Savings Directive by way of the EU Withholding Tax Act (EU-Quellensteuergesetz) which provides for a withholding tax as an alternative to an exchange of information if the individual Holder decides to remain anonymous. Such EU Withholding tax is generally levied on interest payments within the meaning of the EU Withholding Tax Act from a paying agent located in Austria to an individual resident for tax purposes in another Member State of the European Union or certain dependent associated territories, unless specific information is disclosed (see below). The EU Withholding Tax rate amounts to 35 per cent.

Withholding tax is due on actual or deemed interest payments as well as on accrued interest upon transfer, settlement or redemption of debt claims. Further, withholding tax will be deducted - on a pro rata temporis basis - in case of changes of the individual's tax status such as his country of residence or transfer of his securities to a non-Austrian account. The scope of the definition of interest payments for EU Withholding Tax purposes may differ from the scope of interest payments for Austrian income and withholding tax purposes. The interest derived from any form of debt claims (including bonds and debentures) is generally covered.

The EU Withholding Tax does however not apply if the Holder submits a certificate issued by the competent tax authority of his Member State of residence to the paying agent disclosing specific personal data, such as the beneficial owner's name, address and tax or other identification number or, failing such, his date and place of birth, further the name and address of the paying agent, and the account number of the beneficial owner or, where there is none, the identification of the Notes; such certificate shall be valid for a period not exceeding three years.

Inheritance and Gift Tax The Austrian inheritance and gift tax (Erbschafts- und Schenkungssteuer) was abolished in 2008. However, certain gift notification obligations may apply in case gratuitous transfers of assets exceed specific thresholds.

Other Taxes The gratuitous transfer of assets to (Austrian or foreign) private law foundations and comparable legal estates is subject to foundation tax (Stiftungseingangssteuer) pursuant to the Austrian Foundation Tax Act (Stiftungseingangssteuergesetz). Such tax is triggered if the transferor and/or the foundation at the time of transfer have a domicile, their habitual abode, their legal seat or their place of effective management in Austria. An exemption applies in case of a transfer mortis causa of financial assets (except for participations in corporations) to income from such financial assets that is subject to the special tax rate of 25 per cent. The tax basis is the fair market value of the assets transferred minus any debts, calculated at the time of transfer. The tax rate is in general 2.5 per cent., with a higher rate of 25 per cent. applying in special cases.

The Netherlands

The following discussion outlines the principal Netherlands tax consequences of the acquisition, holding, settlement, redemption and disposal of the Notes, but does not purport to be a comprehensive description of all Netherlands tax considerations in relation thereto. This discussion is intended as general information only for holders of Notes who are residents or deemed residents of The Netherlands for Netherlands tax purposes. Each

346 prospective investor should consult a professional tax advisor with respect to the tax consequences of an investment in the Notes.

This discussion is based on tax legislation, published case law, treaties, regulations and published policy, in each case as in force as of the date of this Prospectus, and does not take into account any developments or amendments thereof after that date whether or not such developments or amendments have retroactive effect.

With the exception on Netherlands Withholding Tax below, this discussion does not address The Netherlands tax consequences for:

(i) investment institutions (fiscale beleggingsinstellingen);

(ii) pension funds, exempt investment institutions (vrijgestelde beleggingsinstellingen) or other entities that are exempt from Netherlands corporate income tax;

(iii) holders of Notes holding a substantial interest (aanmerkelijk belang) or deemed substantial interest (fictief aanmerkelijk belang) in the Issuer and holders of Notes of whom a certain related person holds a substantial interest in the Issuer. Generally speaking, a substantial interest in the Issuer arises if a person, alone or, where such person is an individual, together with his or her partner (statutory defined term), directly or indirectly, holds or is deemed to hold (i) an interest of 5 per cent. or more of the total issued capital of the Issuer or of 5 per cent. or more of the issued capital of a certain class of shares of the Issuer, (ii) rights to acquire, directly or indirectly, such interest or (iii) certain profit sharing rights in the Issuer;

(iv) persons to whom the Notes and the income from the Notes are attributed based on the separated private assets (afgezonderd particulier vermogen) provisions of The Netherlands Income Tax Act 2001 (Wet inkomstenbelasting 2001) and the Netherlands Gift and Inheritance Tax Act 1956 (Successiewet 1956);

(v) entities which are a resident of Aruba, Curacao or Sint Maarten that have an enterprise which is carried on through a permanent establishment or a permanent representative on Bonaire, Sint Eustatius or Saba, to which permanent establishment or permanent representative the Notes are attributable; and

(vi) holders of Notes which are not considered the beneficial owner (uiteindelijk gerechtigde) of these Notes or of the benefits derived from or realized in respect of these Notes.

Where this section refers to The Netherlands, such reference is restricted to the part of the Kingdom of The Netherlands that is situated in Europe and the legislation applicable in that part of the Kingdom.

Netherlands Withholding Tax All payments made by the Issuer under the Notes may be made free of withholding or deduction for any taxes of whatsoever nature imposed, levied, withheld or assessed by The Netherlands or any political subdivision or taxing authority thereof or therein, provided that the Notes do not in fact function as equity of the Issuer within the meaning of article 10, paragraph 1, under d of the Netherlands Corporate Income Tax Act 1969 (Wet op de vennootschapsbelasting 1969).

Netherlands Corporate and Individual Income Tax If a holder of Notes is a resident or deemed to be a resident of The Netherlands for Netherlands corporate income tax purposes and is fully subject to Netherlands corporate income tax or is only subject to Netherlands corporate income tax in respect of an enterprise to which the Notes are attributable, income derived from the Notes and gains realized upon the redemption, settlement or disposal of the Notes are generally taxable in The Netherlands (at up to a maximum rate of 25 per cent.).

If an individual is a resident or deemed to be a resident of The Netherlands for Netherlands tax purposes, income derived from the Notes and gains realized upon the redemption, settlement or disposal of the Notes are taxable at

347 the progressive rates (at up to a maximum rate of 52 per cent.) under the Netherlands Income Tax Act 2001 (Wet inkomstenbelasting 2001), if:

(i) the individual is an entrepreneur (ondernemer) and has an enterprise to which the Notes are attributable or the individual has, other than as a shareholder, a co-entitlement to the net worth of an enterprise (medegerechtigde), to which enterprise the Notes are attributable; or

(ii) such income or gains qualify as income from miscellaneous activities (resultaat uit overige werkzaamheden), which include the performance by the individual of activities with respect to the Notes that exceed regular, active portfolio management (normaal, actief vermogensbeheer).

If neither condition (i) nor condition (ii) above applies, an individual that holds the Notes, must determine taxable income with regard to the Notes on the basis of a deemed return on income from savings and investments (sparen en beleggen), rather than on the basis of income actually received or gains actually realized. This deemed return on income from savings and investments is fixed at a rate of 4 per cent. of the individual's yield basis (rendementsgrondslag) at the beginning of the calendar year (1 January), insofar as the individual's yield basis exceeds a certain threshold. The individual's yield basis is determined as the fair market value of certain qualifying assets held by the individual less the fair market value of certain qualifying liabilities on 1 January. The fair market value of the Notes will be included as an asset in the individual's yield basis. The 4 per cent. deemed return on income from savings and investments is taxed at a rate of 30 per cent.

Netherlands Gift and Inheritance Tax Netherlands gift or inheritance taxes will not be levied on the occasion of the transfer of a Note by way of gift by, or on the death of, a holder of a Note, unless:

(i) the holder of a Note is, or is deemed to be, resident in The Netherlands for the purpose of the relevant provisions; or

(ii) the transfer is construed as an inheritance or gift made by, or on behalf of, a person who, at the time of the gift or death, is or is deemed to be resident in The Netherlands for the purpose of the relevant provisions.

Other Netherlands Taxes and Duties In general, no value added tax will arise in respect of payments in consideration for the issue of the Notes or in respect of a cash payment made under the Notes, or in respect of a transfer of Notes and no registration tax, customs duty, transfer tax, stamp duty or any other similar documentary tax or duty will be payable in The Netherlands by a holder in respect of or in connection with the subscription, issue, placement, allotment, delivery or transfer of the Notes.

Residency A holder will not become a resident, or a deemed resident, of the Netherlands for Netherlands tax purposes by reason only of holding the Notes.

Savings Directive

Under Council Directive 2003/48/EC on the taxation of savings income (the "Savings Directive"), Member States are required to provide to the tax authorities of other Member States details of certain payments of interest or similar income paid or secured by a person established in a Member State to or for the benefit of an individual resident in another Member State or certain limited types of entities established in another Member State.

On 24 March 2014, the Council of the European Union adopted a Council Directive amending and broadening the scope of the requirements described above. Member States are required to apply these new requirements from 1 January 2017. The changes will expand the range of payments covered by the Savings Directive, in particular to

348 include additional types of income payable on securities. The Directive will also expand the circumstances in which payments that indirectly benefit an individual resident in a Member State must be reported. This approach will apply to payments made to, or secured for, persons, entities or legal arrangements (including trusts) where certain conditions are satisfied, and may in some cases apply where the person, entity or arrangement is established or effectively managed outside of the European Union.

For a transitional period, Austria is required (unless during that period it elects otherwise) to operate a withholding system in relation to such payments. The changes referred to above will broaden the types of payments subject to withholding in Austria when they are implemented. Luxembourg has elected out of the withholding system with effect from 1 January 2015, in favour of automatic information exchange under the Savings Directive. In addition, Austria has also undertaken implement to an automatic exchange of information in the future (with no concrete date of implementation given at the moment).

The end of the transitional period being is dependent upon the conclusion of certain other agreements relating to information exchange with certain other countries. A number of non-EU countries and territories including Switzerland have adopted similar measures (a withholding system in the case of Switzerland).

Foreign Account Tax Compliance Act

Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986 (FATCA) impose a new reporting regime and potentially a 30 per cent. withholding tax with respect to certain payments to (i) any non-U.S. financial institution (a "foreign financial institution", or FFI (as defined by FATCA)) that does not become a Participating FFI by entering into an agreement with the U.S. Internal Revenue Service (IRS) to provide the IRS with certain information in respect of its account holders and investors or is not otherwise exempt from or in deemed compliance with FATCA and (ii) any investor (unless otherwise exempt from FATCA) that does not provide information sufficient to determine whether the investor is a U.S. person or should otherwise be treated as holding a "United States account" of the Issuer (a "Recalcitrant Holder"). The Issuer and the Guarantor may be classified as FFIs.

The new withholding regime will be phased in beginning 1 July 2014 for payments from sources within the United States and will apply to foreign passthru payments (a term not yet defined) no earlier than 1 January 2017. This withholding would potentially apply to payments in respect of (i) any Notes characterized as debt (or which are not otherwise characterized as equity and have a fixed term) for U.S. federal tax purposes that are issued after the grandfathering date, which is the date that is six months after the date on which final U.S. Treasury regulations defining the term foreign passthru payment are filed with the Federal Register, or which are materially modified on or after the grandfathering date and (ii) any Notes characterized as equity or which do not have a fixed term for U.S. federal tax purposes, whenever issued. If Notes are issued on or before the grandfathering date, and additional Notes of the same series are issued after that date, the additional Notes may not be treated as grandfathered, which may have negative consequences for the existing Notes, including a negative impact on market price.

The United States and a number of other jurisdictions have announced their intention to negotiate intergovernmental agreements to facilitate the implementation of FATCA (each, an "IGA"). Pursuant to FATCA and the "Model 1" and "Model 2" IGAs released by the United States, an FFI in an IGA signatory country could be treated as a "Reporting FI" not subject to withholding under FATCA on any payments it receives. Further, an FFI in an IGA jurisdiction would generally not be required to withhold under FATCA or an IGA (or any law implementing an IGA) (any such withholding being "FATCA Withholding") from payments it makes. Under each Model IGA, a Reporting FI would still be required to report certain information in respect of its account holders and investors to its home government or to the IRS. The United States has entered into agreements with the Netherlands (the U.S.-Netherlands IGA) and Germany (the "U.S.-Germany IGA") based largely on the Model 1 IGA.

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If the Issuer and Guarantor are treated as Reporting FIs pursuant to the U.S.-Netherlands IGA and U.S.-Germany IGA, respectively, they do not anticipate that they will be obliged to deduct any FATCA Withholding on payments they make. There can be no assurance, however, that the Issuer or Guarantor will be treated as a Reporting FI, or that they would in the future not be required to deduct FATCA Withholding from payments they make. The Issuer, the Guarantor and financial institutions through which payments on the Notes are made may be required to withhold FATCA Withholding if (i) any FFI through or to which payment on such Notes is made is not a Participating FFI, a Reporting FI, or otherwise exempt from or in deemed compliance with FATCA or (ii) an investor is a Recalcitrant Holder.

While the Notes are in global form and held within Euroclear Bank SA/NV or Clearstream Banking, société anonyme (together the "ICSDs"), it is expected that FATCA will not affect the amount of any payments made under, or in respect of, the Notes by the Issuer, the Guarantor and any paying agent, given that each of the entities in the payment chain between the Issuer and the participants in the ICSDs is a major financial institution whose business is dependent on compliance with FATCA and that any alternative approach introduced under an IGA will be unlikely to affect the Notes. The documentation expressly contemplates the possibility that the Notes may go into definitive form and therefore that they may be taken out of the ICSDs. If this were to happen, then a non- FATCA compliant holder could be subject to FATCA Withholding. However, definitive Notes will only be printed in remote circumstances.

FATCA is particularly complex and its application is uncertain at this time. The above description is based in part on regulations, official guidance and model IGAs, all of which are subject to change or may be implemented in a materially different form. Prospective investors should consult their tax advisors on how these rules may apply to payments they may receive in connection with the Notes.

The proposed financial transactions tax (FTT)

On 14 February 2013, the European Commission published a proposal (the "Commission's Proposal") for a Directive for a common financial transactions tax ("FTT") in Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia (the "participating Member States").

The Commission's Proposal has very broad scope and could, if introduced, apply to certain dealings in the Notes (including secondary market transactions) in certain circumstances. The issuance and subscription of Notes should, however, be exempt.

Under the Commission's Proposal the FTT could apply in certain circumstances to persons both within and outside of the participating Member States. Generally, it would apply to certain dealings in the Notes where at least one party is a financial institution, and at least one party is established in a participating Member State. A financial institution may be, or be deemed to be, "established" in a participating Member State in a broad range of circumstances, including (a) by transacting with a person established in a participating Member State or (b) where the financial instrument which is subject to the dealings is issued in a participating Member State.

Joint statements issued by participating Member States indicate an intention to implement the FTT by 1 January 2016. However, the FTT proposal remains subject to negotiation between the participating Member States and the scope of any such tax is uncertain. Additional EU Member States may decide to participate.

Prospective holders of the Notes are advised to seek their own professional advice in relation to the FTT.

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SUBSCRIPTION AND SALE

Underwriting

The Notes may be issued on a continuous basis to one or more of the Dealers and any additional Dealer appointed under the Programme from time to time by the Issuer, which appointment may be for a specific issue or on an ongoing basis. Notes may be distributed by way of public offers to qualified investors pursuant to the Prospectus Directive and/or non-qualified investors, as specified in the relevant Final Terms, or private placements and, in each case, on a syndicated or non-syndicated basis. The method of distribution of each Tranche of Notes will be stated in the relevant Final Terms.

The Issuer, the Guarantor and the Dealers have entered into an amended and restated dealer agreement dated 12 March 2015 (the "Dealer Agreement") which sets out, inter alia, the arrangements under which Notes, issued under the Programme, may from time to time be agreed to be purchased by any one or more Dealers from the Issuer. Any such agreement will, inter alia, contain provisions dealing with the form and terms and conditions of the relevant Notes, the price at which such Notes will be purchased by the Dealer(s) and the commissions or any other agreed deductibles payable or allowable by the Issuer in respect of such purchase. Further, the Dealer Agreement provides for the resignation or termination of appointment of existing Dealers and for the appointment of additional or other Dealers either generally in respect of the Programme or in relation to a particular Tranche of Notes. A subscription agreement prepared in relation to a particular Tranche of Notes will typically be dated on or about the date of the relevant Final Terms applicable to such Tranche of Notes.

Method for determining the issue price and the process for its disclosure

The price and amount of Notes to be issued under the Programme will be determined by the Issuer and each relevant Dealer at the time of issue in accordance with prevailing market conditions.

Selling Restrictions

European Economic Area - Public Offer Selling Restriction Under the Prospectus Directive In relation to each Member State of the European Economic Area (the EU plus Iceland, Norway and Liechtenstein) which has implemented the Prospectus Directive (each, a "Relevant Member State"), each Dealer has represented, warranted and agreed, and each further Dealer appointed under the Programme will be required to represent, warrant and agree, that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the "Relevant Implementation Date") it has not made and will not make an offer of Notes which are the subject of the offering contemplated by the Prospectus as completed by the Final Terms in relation thereto to the public in that Relevant Member State except that it may, with effect from and including the Relevant Implementation Date, make an offer of such Notes to the public in that Relevant Member State:

(a) if the Final Terms in relation to the Notes specify that an offer of those Notes may be made other than pursuant to Article 3(2) of the Prospectus Directive in that Relevant Member State (a "Non-exempt Offer"), following the date of publication of a prospectus in relation to such Notes which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, provided that any such prospectus has subsequently been completed by the Final Terms contemplating such Non-exempt Offer, in accordance with the Prospectus Directive, in the period beginning and ending on the dates specified in such prospectus or final terms, as applicable and the Issuer has consented in writing to its use for the purpose of that Non-exempt Offer;

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(b) at any time to any legal entity which is a qualified investor as defined in the Prospectus Directive;

(c) at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive) subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the Issuer for any such offer; or

(d) at any time in any other circumstances falling within Article 3(2) of the Prospectus Directive; provided that no such offer of Notes referred to in (b) to (d) above shall require the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive.

For the purposes of this provision,

(i) the expression an offer of Notes to the public in relation to any Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, and

(ii) the expression Prospectus Directive means Directive 2003/71/EC (and amendments thereto, including by Directive 2010/73/EU, as amended)) and includes any relevant implementing measure in each Relevant Member State.

United States of America The Notes and the Guarantees have not been and will not be registered under the Securities Act, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act ("Regulation S")) except in certain transactions exempt from the registration requirements of the Securities Act. Terms used in this paragraph shall have the same meanings given to them by Regulation S.

The Notes are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to a United States person, except in certain transactions permitted by U.S. tax regulations. Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code of 1986 and regulations thereunder.

Each Dealer has agreed that, except as permitted by the Dealer Agreement, it will not offer, sell or deliver the Notes and the Guarantee (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the closing date, within the United States or to, or for the account or benefit of, U.S. persons, and it will have sent to each dealer to which it sells the Notes and the Guarantee during the distribution compliance period a confirmation or other notice setting forth the restrictions on offers and sales of the Notes and the Guarantee within the United States or to, or for the account or benefit of, U.S. persons. Terms used in this paragraph have the meanings given to them by Regulation S.

In addition, until the expiration of 40 days after the commencement of the offering, an offer or sale of Notes and the Guarantee within the United States by a dealer (that is not participating in the offering) may violate the registration requirements of the Securities Act.

United Kingdom of Great Britain and Northern Ireland (United Kingdom) Each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that:

(a) with respect to any Tranche of Notes having a maturity of less than one year, (a) it is a person whose ordinary activities involve it in acquiring, holding, managing or disposing of investments (as principal or

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agent) for the purposes of its business, and (b) it has not offered or sold and will not offer or sell any such Notes other than to persons:

(i) whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their business; or

(ii) who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their business, where the issue of the Notes would otherwise constitute a contravention of Section 19 of the Financial Services and Markets Act 2000, as amended (the "FSMA") by the Issuer.

(b) it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer or the Guarantor, and

(c) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to such Notes in, from or otherwise involving the United Kingdom.

General In addition to the specific restrictions set out above, the Dealers have agreed, and each further Dealer appointed under the Programme will be required to agree, that it will comply with all applicable securities laws and regulations in force in any jurisdiction in which it purchases, offers, sells or delivers Notes or possesses or distributes the Prospectus and will obtain any consent, approval or permission required by it for the purchase, offer, sale or delivery by it of Notes under the laws and regulations in force in any jurisdiction to which it is subject or in which it makes such purchases, offers, sales or deliveries.

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GENERAL INFORMATION

Application has been made to the CSSF, which is the Luxembourg competent authority for the purpose of the Prospectus Directive for its approval of this Prospectus. By approving a prospectus, the CSSF shall give no undertaking as to the economic and financial soundness of the operation or the quality or solvency of the Issuer.

Interest of Natural and Legal Persons involved in the Issue/Offer

Certain of the Dealers and their affiliates may be customers of, borrowers from or creditors of the Issuer and the Guarantor and/or their affiliates. Certain Dealers and their affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform services for the Issuer and the Guarantor and/or their affiliates in the ordinary course of business.

The Final Terms (please see "Part II — A. — Interest of natural and legal persons involved in the issue/offer" of the relevant Final Terms) may, if relevant, contain any further information about conflicts of interest regarding the Issuer, the Guarantor or any other person involved in the issuance of the Notes or may state that there are no further conflicts of interest of persons involved in the offer of the Notes.

Authorisation

The establishment of the Programme of EUR 4,000,000,000 was authorised by the management board of the Issuer on 24 September 2013 and by the shareholder of the Issuer on 25 September 2013 and the Management Board and Supervisory Board of the Guarantor on 25 September 2013. The increase of the programme amount to EUR 5,000,000,000 was authorised by the management board of the Issuer on 27 June 2014 and by the shareholder of the Issuer on 24 June 2014 and the Management Board of the Guarantor on 24 June 2014 and the Finance Committee of the Guarantor on 26 June 2014.

The update of the Programme and the increase of the programme amount to EUR 8,000,000,000 was authorised by the management board of the Issuer on 9 March 2015 and by the shareholder of the Issuer on 9 March 2015 and the Management Board of the Guarantor on 10 March 2015 and the Supervisory Board of the Guarantor on 4 March 2015. Any issue of Notes under the Programme will be authorised as stated in the Final Terms.

Listing and admission to trading of Notes

The Programme provides that Notes may be listed on other or further stock exchanges, as may be agreed between the Issuer and the relevant Dealer(s) in relation to each issue. Notes may further be issued under the Programme which will not be listed on any stock exchange.

Documents available

So long as Notes issued under the Programme are outstanding, copies of the following documents will be available from the registered office of the Issuer and from the specified offices of the Paying Agents:

(a) the articles of association of the Issuer;

(b) the articles of association (Satzung) of the Guarantor;

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(d) the documents incorporated herein by reference.

Copies of the Guarantee may be obtained free of charge at the specified office of the Fiscal Agent.

This Prospectus, each Final Terms relating to those Notes admitted to trading on the Regulated Market of the Luxembourg Stock Exchange (which is a regulated market for the purposes of Directive 2004/39/EC on Markets in Financial Instruments) as well as the documents incorporated by reference in this Prospectus are available on the website of the Luxembourg Stock Exchange (www.bourse.lu).

Clearing Systems

The Notes have been accepted for clearance through Clearstream Banking AG, Frankfurt am Main ("CBF"), Clearstream Banking société anonyme, Luxembourg ("CBL") and Euroclear Bank SA/NV as operator of the Euroclear system ("Euroclear"). The appropriate German securities number ("WKN") (if any), Common Code and ISIN for each Tranche of Notes allocated by CBF, CBL and Euroclear will be specified in the applicable Final Terms. If the Notes are to clear through an additional or alternative Clearing System the appropriate information will be specified in the applicable Final Terms.

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DOCUMENTS INCORPORATED BY REFERENCE

The pages set out in the "Table of documents incorporated by reference" below which are extracted from the following documents shall be deemed to be incorporated by reference in, and to form part of, this Prospectus: (a) the audited non-consolidated financial report for the fiscal year ended 31 December 2013 and the fiscal year ended 31 December 2014 of the Issuer, in each case including the respective auditor's report; (b) the audited consolidated financial statements for the fiscal year ended 31 December 2013 and the fiscal year ended 31 December 2014 of the Guarantor, in each case including the respective auditor's report; and (c) the condensed valuation report ("Valuation Report") of the determination of Fair Value carried out by CBRE in accordance with the International Financial Reporting Standards (IFRS), the International Standards for the Valuation of Real Estate for Investment Purposes ("International Valuation Standards") and the Valuation Professional Standards (December 2014) of the Royal Institution of Chartered Surveyors.

Any information not incorporated by reference into this Prospectus but contained in one of the documents mentioned as source documents in the cross reference list below is either not relevant for the investor or covered in another part of this Prospectus.

The Issuer will provide, without charge, upon written or oral request, a copy of any or all of the documents incorporated herein by reference. Requests for such documents should be directed to either Issuer at their registered offices set out at the end of this Prospectus.

Table of documents incorporated by reference:

(A) Deutsche Annington Finance B.V.

(1) Audited non-consolidated financial report (prepared in accordance with Dutch GAAP) of the Issuer as of and for the fiscal year ended 31 December 2014

Balance Sheet as at 31 December 2014 ...... pages 5 - 6

Income statement ...... page 7

Cash flow statement ...... page 8

Notes to the financial statements 2014 ...... pages 9 - 24

Independent auditor's report ...... pages 25 - 31

(2) Audited non-consolidated financial report (prepared in accordance with Dutch GAAP) of the Issuer as of and for the fiscal year ended 31 December 2013

Balance Sheet as at 31 December 2013 ...... pages 5 - 6

Income statement ...... page 7

Cash flow statement ...... page 8

Notes to the financial statements 2013 ...... pages 9 - 22

Independent auditor's report ...... pages 23 - 25

356

(B) Deutsche Annington Immobilien SE

(1) Audited consolidated financial statements (prepared in accordance with IFRS) of the Guarantor as of and for the fiscal year ended 31 December 2014 (Extracted from the English language Annual Report)

Consolidated Income Statement ...... page 118

Consolidated Statement of Comprehensive Income ...... page 119

Consolidated Balance Sheet ...... pages 120 - 121

Consolidated Cash Flow Statement ...... pages 122- 123

Consolidated Statement of Changes in Equity ...... pages 124 - 125

Notes ...... pages 126 - 209

List of DAIG shareholdings ...... pages 212 - 214

Independent Auditor's Report ...... pages 218 - 219

(2) Audited consolidated financial statements (prepared in accordance with IFRS) of the Guarantor as of and for the fiscal year ended 31 December 2013 (Extracted from the English language Annual Report)

Consolidated Income Statement ...... page 92

Consolidated Statement of Comprehensive Income ...... page 92

Consolidated Balance Sheet ...... page 93

Consolidated Cash Flow Statement ...... page 94

Consolidated Statement of Changes in Equity ...... page 95

Notes ...... pages 96 - 175

List of DAIG shareholdings ...... pages 178 - 179

Independent Auditor's Report ...... pages 183 - 184

Basis of Valuation ...... pages V-1 - V-9

Asset Holdings ...... pages V-10 - V-15

Explanation of Valuation ...... pages V-16 - V-26

Valuation conclusions ...... pages V-28 - V-30

Valuation Key Definitions ...... page V-31

357

NAMES AND ADDRESSES

ISSUER

Deutsche Annington Finance B.V. Vondelstraat 73 1054 GK Amsterdam The Netherlands

GUARANTOR

Deutsche Annington Immobilien SE Münster Straße 248 40470 Düsseldorf Federal Republic of Germany

ARRANGER

J.P. Morgan Securities plc 25 Bank Street Canary Wharf London E14 5JP United Kingdom

DEALERS

Barclays Bank PLC Commerzbank Aktiengesellschaft 5 The North Colonnade Kaiserstraße 16 (Kaiserplatz) Canary Wharf 60311 Frankfurt am Main London E14 4BB Federal Republic of Germany United Kingdom

Credit Suisse Securities (Europe) Limited J.P. Morgan Securities plc One Cabot Square 25 Bank Street London E14 4QJ Canary Wharf United Kingdom London E14 5JP United Kingdom

Morgan Stanley & Co. International plc Société Générale 25 Carbot Square 29 boulevard Haussmann Canary Wharf 75009 Paris London E14 4QA France United Kingdom

UniCredit Bank AG Arabellastrasse 12 81925 Munich Federal Republic of Germany

358 PAYING AGENT LISTING AGENT

Deutsche Bank Aktiengesellschaft Deutsche Bank Luxembourg SA Taunusanlage 12 2 Boulevard Konrad Adenauer 60325 Frankfurt am Main 1115 Luxembourg Federal Republic of Germany The Grand Duchy of Luxembourg

INDEPENDENT AUDITORS TO THE ISSUER

PricewaterhouseCoopers Accountants NV Thomas R. Malthusstraat 5 1066 JR Amsterdam P.O. Box 90357 1006 BJ Amsterdam The Netherlands INDEPENDENT AUDITORS TO THE GUARANTOR

KPMG AG Wirtschaftsprüfungsgesellschaft Alfredstrasse 277 45133 Essen Federal Republic of Germany

LEGAL ADVISORS TO THE ISSUER AND THE GUARANTOR AS TO GERMAN LAW

Linklaters LLP Mainzer Landstraße 16 60325 Frankfurt am Main Federal Republic of Germany LEGAL ADVISORS TO THE ISSUER AND THE GUARANTOR AS TO DUTCH LAW

Linklaters LLP World Trade Centre Amsterdam Zuidplein 180 1077 XV Amsterdam The Netherlands LEGAL ADVISORS TO THE DEALERS AS TO GERMAN LAW

Clifford Chance Deutschland LLP Mainzer Landstraße 46 60325 Frankfurt am Main Federal Republic of Germany

LEGAL ADVISORS TO THE DEALERS AS TO DUTCH LAW

Clifford Chance LLP Droogbak 1A 1013 GE Amsterdam The Netherlands

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